News Summary
As the deadline drew near, eight bidders submitted extensive proposals for three available downstate casino licenses to the New York State Gaming Commission. Bidders from various locations, including Queens, Brooklyn, Manhattan, the Bronx, and Yonkers, highlighted the expected economic benefits such as increased tax revenue and job creation. Among notable proposals are projects for Coney Island and Yonkers Raceway, promising substantial community investments. Licenses will be awarded in December after local community reviews and public hearings.
New York – As the deadline approached for submitting proposals for the three available downstate casino licenses, eight bidders delivered comprehensive applications to the New York State Gaming Commission. The submission period closed at 4 p.m. on Friday, with proposals from various groups aiming to establish casinos in multiple locations throughout the region.
Among the high-volume submissions, a cargo truck departed Yonkers Raceway on Thursday, carrying 3 customized trunks and 40 bankers’ boxes, totaling around 8,000 pages. Simultaneously, a dispatch from Coney Island delivered another set of proposals, comprising 60,000 pages in 23 boxes, highlighting the extensive efforts put forth by the bidders.
The eight identified bidding groups are eyeing locations such as Queens (two proposals), Brooklyn (one), Manhattan (three), the Bronx (one), and Yonkers (one). A notable proposal for a casino in Nassau County did not meet the submission deadline. Each proposal includes hard copy submissions required at the Gaming Commission’s headquarters in Schenectady and large electronic submissions via a file transfer protocol (FTP) established by the Commission.
In a competitive environment, bidders have emphasized the potential economic benefits of their projects, including increased tax revenue, job creation, and overall improvements for the host communities. The proposals come amidst expectations of annual revenues from successful projects projected to reach approximately $4.4 billion.
Some of the noteworthy proposals include the Coney Island project, which aims to integrate a casino, hotel, and convention space conveniently located near the subway station. Another significant proposal comes from Cohen/Hard Rock, featuring Metropolitan Park, which will include a large entertainment venue and a hotel with 2,300 rooms, showcasing an overall investment of $8 billion.
In Yonkers, MGM has plans for a full-scale casino at Yonkers Raceway, asserting their intention to create a cultural and economic powerhouse for generations. Genting’s proposal at Aqueduct includes plans for both a full casino and an expanded hotel, promising rapid development based on their existing operations.
Bally’s has introduced a proposal to incorporate a casino at Ferry Point Park in the Bronx, where they have committed to the largest proposed community investment, amounting to $625 million. In Times Square, Caesars Palace seeks to partner with local union labor, pledging a $250 million community investment program in their efforts.
Licenses will be awarded in December after the Gaming Facility Location Board ensures that community engagement requirements are met through public hearings. The deadline for community advisory committee approvals for various projects is set for September 30, necessitating that each proposal undergo local community reviews and demonstrate social and economic commitments before advancing in the application process.
Initially, eleven developers expressed interest in entering the bidding phase. However, seven withdrew from the process or failed to demonstrate adequate community support. As the gaming landscape in downstate New York evolves, the proposed projects are set to reshape both the local economy and social fabric.
As the state moves forward with the evaluation of these bids, both the Gaming Commission and the local communities remain central to the decision-making process, ensuring that future developments align with the interests of the residents.
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