News Summary
New York’s casino licensing competition is undergoing significant changes as MGM Resorts has officially withdrawn its bid for one of the three gaming licenses. This leaves only three contenders: Resorts World New York City, Metropolitan Park, and Bally’s Bronx, each proposing varying tax rates. With the state expected to award the licenses by December 2025, concerns arise about the reduced level of competition and the implications of MGM’s exit on future community benefits. The ongoing approval process has already sparked protests as stakeholders await the outcomes of these proposals.
New York is witnessing significant changes in its casino licensing race, with MGM Resorts officially withdrawing its bid for one of the three anticipated casino licenses. This withdrawal leaves just three contenders vying for the licenses that the state plans to award by December 2025. The decline in applicants marks a notable shift in New York’s gaming landscape, as the initial competition featured eight potential bidders.
The remaining applicants include Resorts World New York City, Metropolitan Park, and Bally’s Bronx. Their bids present lower tax rates compared to what MGM may have proposed, raising concerns regarding the level of competition. Resorts World has suggested a tax rate of 56% on slot machines and 30% on table games, which would contribute a projected total of $1.7 billion in taxes, marking the highest tax contribution of any casino in the U.S. In contrast, Metropolitan Park, backed by Mets owner Steve Cohen, has proposed the minimum required tax rates of 25% for slots and 10% for table games. Bally’s Bronx is proposing a 30% tax rate on slots and a 10% tax rate for table games.
The New York State Gaming Facility Location Board retains the authority to award two, one, or even zero licenses, despite the drastic reduction in applicants. This authority maintains the incentive for competitive proposals, even as concerns grow regarding the implications of MGM’s exit. Many observers worry that this loss may diminish negotiating leverage and the potential for optimal community benefits tied to the licenses.
Geographical factors add another layer of complexity to the remaining bids, as the contenders are situated relatively close to one another. This proximity may engender competition among them, potentially leading to lower overall revenues. A 2021 state study also highlighted the importance of placing at least one casino in Manhattan to maximize tax revenues, a possibility that now appears unlikely given the current applicants.
The local committee approval deadlines are approaching, adding urgency to the proceedings, although developments are already igniting protests. The three remaining projects are:
– Metropolitan Park in Queens, which proposes a casino next to Citi Field integrated with Hard Rock and Steve Cohen.
– Bally’s Bronx, with plans to convert a former golf course into a gaming complex.
– Resorts World New York City, which aims to transition existing racino operations into a full-fledged casino.
New York’s current casino landscape stems from a 2013 vote that expanded gambling options throughout the state. Existing facilities are operational and await further licensing decisions in the ongoing race, where the competition has narrowed significantly.
As stakeholders await the outcomes of these proposals, deliberations continue regarding whether the bidding process should be reassessed in light of the fewer applicants remaining. The outcome remains uncertain, but it is clear that the decisions made in the coming months will shape the future of gambling in New York.
Deeper Dive: News & Info About This Topic
- Crain’s New York: MGM Dropout Leaves NYC Casino Process Short Competition
- Wikipedia: New York City – Economy
- The New York Times: NYC Casinos After MGM Withdrawal
- Google Search: NYC Casinos
- Dezeen: New York City Casino Gambling Licenses 2025
- Google Scholar: New York City Casino Licenses
- New York Post: NYC Casino Moves Forward
- Encyclopedia Britannica: Casino
- The New York Times: Empire Casino in Yonkers
- Google News: NYC Gambling Licenses
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.
