The New York Gaming Commission (NYGC) have officially approved the NYC casino license bids submitted by Bally’s, Hard Rock and Resorts World to construct new facilities downstate. BonusFinder, an online casinos comparison site, reveals the latest!
Officially announced via a livestream on the NYGC YouTube channel, this decision allows all three bidders to establish proposed casino amenities, entertainment venues and transport links, among other schemes.
Further, the NYGC’s awarding of licenses concludes a multi-year process – which had initially begun with 11 competitors. But, after unsuccessful Community Advisory Committee (CAC) meetings for select casino hopefuls and wilful withdrawals enacted by others, the state was left with just three rival bidders.
In November, the New York Gaming Facility Location Board (GFLB) visited both Queens-based sites, Resorts World and Hard Rock at Metropolitan Park, as well as Bally’s in The Bronx, to evaluate how each operator might impact the local area.
On December 1, the GFLB publicly convened to reveal whether the body would approve any of the three bids. In the face of vocal protesters opposing new casinos in the state, organization members approved each operator’s plans – culminating in a crucial decision for the Gaming Commission.
A December 31 deadline had been set for the Commission to approve or deny licensing applications. Yet, over two weeks ahead of that cut-off, the regulatory overseer granted certification for Bally’s, Resorts World and Hard Rock at Metropolitan Park on December 15.
In a statement, Steve Cohen, Metropolitan Park backer and owner of the New York Mets, expressed that the Gaming Commission’s green-light for the $8.1bn development plan would open the door to an improved experience for those in and around Citi Field:
“Since the day I bought the team, the community and Mets fans have made it clear to me that we can and should do better with the area around the ballpark. Now, we are going to be able to deliver the sports and entertainment district that our fans have been asking for.”
A similar sentiment was put forth by Genting Americas East President, Robert DeSalvio, who lauded imminent potential job creation stemming directly from the $7.5bn expansion of Resorts World:
“For us, it’s all about creating jobs. They are a real pathway to the middle class for thousands of people, and that’s what this is all about.”
The NYC casino plans and costs
For Bally’s, the estimated $4bn casino development plan could generate $1.5bn in tax revenue within The Bronx. When paired with Resorts World and Metropolitan Park, statewide tax revenue figures rise to an estimated $7.5bn between 2027 and 2036.
License fees will realize immediate returns on the Gaming Commission’s approval – a cumulative $1.6bn (of which Resorts World will pay $600m) must be transferred to the state before licenses are activated.
Not only does Resorts World promise to contribute more in licensing costs than its fellow bidders – the land-based operator will also cut the red tape on its new facilities before Bally’s or Metropolitan Park. Specifically, Resorts World is targeting a March 2026 launch.
Bally’s and Metropolitan Park are currently forecast to welcome customers to their respective new grounds no earlier than 2030.
