News Summary
New York City is experiencing a rise in casino construction interest, with eight proposals submitted for licenses. A selection committee will choose three candidates, each valued at $500 million, by year-end. Community feedback plays a crucial role as some proposals have already been rejected. Notable projects include a $4 billion casino and resort complex in the Bronx. The push for licenses follows a 2022 state decision to expand gaming in southern New York, expected to bring significant economic benefits and job creation.
New York City is witnessing a significant uptick in interest for casino construction as eight proposals have been submitted for casino licenses. A committee of experts, designated by the New York Gaming Facility Location Board, will select three candidates for these coveted licenses, with each license valued at $500 million. The board plans to announce its decisions by the end of the year, with only three proposals to be approved out of the received submissions.
The selection process is part of a rapid bidding initiative that began in June 2023. Under this framework, successful developers must deposit $500 million as a license fee by December 31, 2023. Prior to this final selection, community advisory committees (CACs) examined the proposals, leading to two projects being already approved: one located in southeast Queens and another in Yonkers. However, three other projects are still awaiting voter feedback from their respective CACs.
Notably, three proposals have already been rejected, including one situated near the United Nations headquarters in Midtown Manhattan, along with other proposed locations in Times Square and the financial district. This process reveals a clear preference for community feedback in the casino selection process, especially in iconic areas known for their dense populations and tourism.
Among the proposals, a significant project is being considered for a golf course previously managed by the Trump Organization in the Bronx. This initiative has the potential to yield a $115 million payout for the Trump Organization, as Bally’s has already paid $60 million to secure the rights to manage operations on the site. Bally’s vision for this Bronx project includes a massive $4 billion investment to create a 16-acre casino and resort complex.
The push for these casino licenses comes as a response to the 2022 decision by the New York State Legislature to award three gaming licenses for southern New York, including New York City. Prior to this, gaming expansion had been limited to specific forms of gambling since 2013. The approved licenses are expected to bring considerable economic benefits, including a projected gross revenue of $5.5 billion and $841 million in taxes annually, while also creating around 30,000 jobs.
As the selection process progresses, four contenders remain, including Bally’s Bronx project, MGM’s Empire City in Yonkers, and a project named Metropolitan Park adjacent to Citi Field, which is backed by Mets owner Steve Cohen and Hard Rock Casino. MGM is also proposing to transform the existing racino at Empire City into a full-scale casino, promising substantial enhancement in revenue potential.
However, the influx of casinos has sparked considerable debate among local residents regarding their influence on community landscapes. Concerns have been raised about changing neighborhood dynamics, particularly in popular and historically rich locations, such as Coney Island and Citi Field. Local approvals are critical for these projects to move forward, demonstrating that community perspectives significantly shape development outcomes in New York City.
The final decision regarding which proposals will receive licenses will come from the New York State Gaming Commission after thorough reviews of recommendations made by the community advisory committees. As the process moves towards its conclusion, stakeholders are keenly watching how the proposed casino projects will align with community interests and economic outcomes for New York City.
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Additional Resources
- El País: New York Has Come Down With Gambling Fever
- Google Search: New York Casino Licenses
- The New York Times: NYC Casinos
- Encyclopedia Britannica: Casino
- New York Post: NYC Casino Moves Forward
- Google News: New York Casino Development
Author: STAFF HERE NEW YORK WRITER
The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
