New York Board Approves Three Retail Casinos for Launch, Final Vote Coming

All three New York casinos that underwent a final review were granted operators’ licenses on Monday.

The Gaming Facility Location Board (GFLB) opened the week by awarding the necessary licenses to three retail casino groups, fulfilling a promise made by Gov. Kathy Hochul (D) years ago. The decision marks the end of a drawn-out process that began with 11 legitimate suitors, but only three available licenses.

The New York State Gaming Commission has the ability to ratify or reject the proposals before the end of the year.

Votes confirmed, final approval awaits

The GFLB voted 5-0 to approve the decision to award casino operators’ licenses to three groups, including:

• New York Mets owner Steve Cohen’s Metropolitan Park in Queens
• Genting Group’s Resorts World New York City expansion near Aqueduct Racetrack in Queens
• Bally’s Bronx at Golf Links at Ferry Point, the former site of President Donald Trump’s golf course

“From the moment that three downstate casino licenses were authorized in the 2022 State Budget, I have been clear: any approved project must provide real benefits to its community and have sustainable economic plans,” Gov. Kathy Hochul said in a statement. “The three projects approved today promise to unlock billions in funding for the (Metropolitan Transit Authority) and create tens of thousands of jobs. 

“It is critical that they keep those promises. I look forward to the Gaming Commission's review of the Board's recommendations in the weeks ahead.”

Assuming the state Commission approves the GFLB’s decision, each license recipient will be required to supplement their $1 million application fee with a $500 million upfront payment for the license. The $1.5 billion in proceeds will be given to the Transit Authority.

The casinos are expected to create billions in tax revenue and tens of thousands of local jobs in short order.

Insights from new licensees

After meeting the necessary standards, such as having land-use agreements approved, casino groups—of which eight qualified—were presented to six-member Community Advisory Committees (CAC). 

The CACs voted to approve half of the projects, sending them to the GFLB for a final review. Empire City Casino by MGM, a local racino, unexpectedly dropped out of the race to receive a license, leaving three bidders for three licenses. 

Although the GFLB did not need to award all of the available licenses, the belief was that it wanted to in order to maximize tax revenue for the state.

“The most diverse county in the United States is quickly becoming its most economically innovative and transformative -- cemented by today's recommendation to connect tens of thousands of Queens families to good-paying union jobs and millions of residents and tourists alike to world-class entertainment,” Queens Borough President Donovan Richards said in a statement.

"After years of community engagement and support, Metropolitan Park is one step closer to becoming a reality. Following a fair, transparent and rigorous process, The Gaming Facility Location Board has validated the positive economic impact this project will have with billions of dollars in tax revenue, 23,000 union jobs, and over $1 billion in community benefits,” Metropolitan Park spokesperson Karl Rickett added.

One nugget of the vote is that the The Trump Organization will receive $115 million from Bally’s for the right to build a gaming facility. That’s because Bally’s agreed to add the clause to the sale agreement of the Ferry Point lease, which it acquired for $60 million in Sept. 2023.