Three New York Casinos Get Final Approval
The New York State Gaming Commission has given final approval for three casinos to be built in the city.
The move will feature new Hard Rock and Resorts World casinos in Queens, as well as a Bally’s in the Bronx region.
The decision brings years of negotiations and discussions to a close after residents voted to allow up to seven casinos in the state, including three within the city borders.
The Gaming Facility Location Board announced in February 2023 that it was set to open up the bidding process for new city casinos.
Over the course of the following years, the world’s largest casino companies have put forward proposals.
Several withdrew their bids, while community committees rejected others.
Eventually, three proposals were left standing and, as expected, all three have been granted formal approval to develop and operate their venues.
The Casinos
Resorts World is set to upgrade its existing racino venue at the Aqueduct Racetrack, and the finished site will include nearly 6,000 slot machines and electronic table games.
The first phase of the project could be completed as early as next year, with the company stating: “RWNYC stands out as the lone bid with the sheer size and readiness to drive new incremental revenue almost immediately, for the highest and best value to New York State.”
Subsequent phases include the construction of a 2,000-room hotel and the addition of 30 restaurants and bars.
Resorts World has stated that the project will cost $5.5billion, and the group anticipates that the new venue will generate $5bn annually for the state.
Hard Rock International’s proposal will see it invest $4bn to convert parking lots next to Citi Field stadium in Queens.
It will include a 1,000-room hotel, a 6,000-seat entertainment venue and 25 acres of athletic fields and green space.
The gaming floor will hold 5,000 slot machines and nearly 400 table games. Construction on the site is expected to commence in early 2026 and is anticipated to be completed by 2030.
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In the Bronx, Bally’s will start work on a $4bn project of its own. The 3 million-square-foot resort will be built on the former Trump Golf Links site.
The development will feature 500 hotel rooms, a 2,000-seat entertainment venue, a nightclub, spa and a range of retail and dining venues.
Bally’s has said it expects the site to generate $1bn a year in revenue, which is lower than the forecasted $4bn and $2.7bn forecasted by Hard Rock and Resorts World, respectively.
Is iGaming Next?
New York could soon see further changes to its gambling market.
State Senator Joseph Addabbo recently used the signing of Senate Bill 5935, which prevents the operation of sweepstakes casinos in the state, as an opportunity to push the iGaming agenda once more.
Addabbo has unsuccessfully attempted to regulate online casinos in the state in the past few years.
While announcing the signing of the new bill, Addabbo said: “With downstate casino licensing progressing and the illegal sweepstakes loophole now closed, the state is better positioned to hold serious discussions about regulating and potentially legalizing iGaming in the near future, possibly as part of the upcoming budget process.”
