Three New York casino licences gain final approval
The NYSGC has unanimously approved casino licences for Metropolitan Park, Resorts World New York City and Bally’s Bronx.
US.- The New York State Gaming Commission (NYSGC) has granted final approval for all three remaining proposals for New York casino licences. At a meeting yesterday (December 15), the commission unanimously approved commercial licences for Metropolitan Park, Resorts World New York City, and Bally’s Bronx.
Since Genting’s Resorts World New York City is already open as a slots venue, it will be the first full casino to be up and running by a long way. Genting plans to add table games by spring of 2026. Metropolitan Park and Bally’s Bronx are expected to open four years later in 2030.
The final approvals follow the New York Gaming Facility Location Board’s approval of the casino proposals earlier in the month. Of the 11 initial applicants, four withdrew (Hudson’s Bay, Las Vegas Sands, Wynn Resorts and MGM Resorts), while another four proposals were rejected by local advisory committees.
The rejected projects included all three casinos proposals for Manhattan (SL Green and rapper Jay-Z’s Caesars Palace proposal for Times Square, Silverstein Properties’ The Avenir in Hudson Yards and Soloviev Group and Mohegan Gaming’s proposed Freedom Plaza” project near the United Nations headquarters).
Each of the three successful bidders must pay a $500m licensing fee. A key condition is that licensees must enter into agreements with third parties to ensure the delivery of the community benefits they promised in their proposals. These must last a minimum of five years.
New York governor Kathy Hochul commented: “The three approved casinos will generate billions of dollars for the MTA and education, create tens of thousands of jobs and deliver real benefits to their surrounding communities. Each of the projects made significant commitments to their communities and to New York State, and the Gaming Commission was clear that they will hold these projects accountable and make sure they keep their promises. That is what New Yorkers expect and what they deserve.”
The three new New York casino licensees
Genting Group’s Resorts World New York City in Queens
Resorts World New York City opened in October 2011 and already operates slots. Genting New York will now add table games and convert the Queens venue into a full integrated resort.
The $5.5bn, 5.6 million-square-foot expansion will feature a 500,000-square-foot gaming floor with 6,000 slot machines and 800 table games, 2,000 hotel rooms, a 7,000-seat performance venue, over 30 food and beverage outlets and 10 acres of public green space.
Genting New York offered the best deal for the state in its application, proposing tax rates of 56 per cent on slots and 30 per cent on table games. In comparison, Bally’s Bronx proposed a 30 per cent tax on slot machines and 10 per cent on table games, while Metropolitan Park offered to pay 25 per cent on slot machine revenue and 10 per cent on table games
To help fund the project, Genting’s parent company intends to sell the Resorts World Catskills property to Sullivan County for $561m. Genting Bhd also continues with its attempt to take Genting Malaysia private.
Steve Cohen and Hard Rock International’s Metropolitan Park
New York Mets owner Steve Cohen and Hard Rock International plan a $8bn casino resort at Citi Field ballpark, also in Queens. The Metropolitan Park complex will be located on 50 acres of parking space around the Mets’ ballpark – a detail that was key to making it one of the favourites for a licence.
It will include new athletic fields, a renovated transit station, 20 acres of public park space and a food hall.
While the project was generally seen as one of the most likely to win a licence since, it faced challenges when state senator Jessica Ramos declined to sponsor rezoning legislation and the US Tennis Association lodged a late lawsuit over lease obligations.
In the end, senator John Liu advanced the necessary legislation, and an agreement was reached with the city over lease obligations.
Bally’s Bronx
Bally’s Corporation’s proposed casino in The Bronx will be located on a golf course that the casino operator owns next to the Trump Organization’s public golf course at Ferry Point.
The complex will include a 500,000-square-foot gaming floor, a 500-room hotel with a spa and meeting space, shops, a 2,000-seat event centre, and two parking garages with capacity for up to 4,660 vehicles.
It’s another big move for Bally’s. The company’s permanent Bally’s Chicago casino is to open next year and a Las Vegas Strip casino also in the works. The company has also expanded into Australia with a controlling stake in The Star Entertainment Group.
Bally’s owes $115m to the Trump Organization as part of the agreement for the acquisition of the site.
