Three Casinos Secure Multibillion-Dollar New York City Licenses
The New York Gaming Facility Location Board has recommended three major casino licenses for New York City. This decision follows extensive competition among prominent gaming companies, including Hard Rock, Bally’s, and Resorts World. With a growing demand for gaming establishments, the anticipated developments promise significant economic benefits for the city and state.
Overview of Proposed Casino Developments
Three proposals have emerged as frontrunners for the lucrative New York City casino licenses:
- Metropolitan Park by Hard Rock and Steve Cohen: A monumental $8.1 billion project near Citi Field in Queens.
- Bally’s Bronx: A $4 billion investment for a casino at Ferry Point, adjacent to a former Trump property.
- Resorts World: A $5.6 billion overhaul of the existing Aqueduct racetrack in Queens.
Metropolitan Park: Transformative Plans for Queens
The proposal from billionaire Steve Cohen and Hard Rock International involves converting a parking area into the 78-acre Metropolitan Park. This development will feature a casino, hotel, convention center, and new green spaces. The project aims to connect Flushing Meadows Corona Park with surrounding areas.
Projected revenues for Metropolitan Park are substantial, with expectations of generating approximately $3.9 billion and $850 million in state taxes annually by the third year. It will include:
- 5,000 slot machines
- 375 live dealer tables
- 30 poker tables
- An 18,000-square-foot sportsbook
Bally’s Bronx: A Bold Investment
Bally’s Corporation proposes a $4 billion casino and resort project at the Bronx site of a former golf course owned by Donald Trump. This ambitious plan includes:
- A 250-foot-tall casino with 3,500 slots
- 250 table games and a poker room
- A 500-room luxury hotel
- An event center for 2,000 attendees
Bally’s Bronx is anticipated to generate over $1 billion in gambling revenue and more than $200 million in state taxes annually.
Resorts World: Evolution of a Leading Casino
Resorts World, already a prominent player in gaming, plans to revamp its Aqueduct racetrack into a $5.6 billion integrated resort. The facilities will feature:
- A 500,000-square-foot casino
- 6,000 slot machines
- 800 table games
- 2,000 hotel rooms
- A 7,000-seat entertainment venue
This development aims to achieve $2.2 billion in annual revenue and significantly enhance the customer experience with new services and venues.
Economic Impact and Community Response
The New York State is expected to reap significant financial benefits from these casino licenses. Initial licensing fees alone could amount to approximately $1.5 billion. Over the next decade, projected tax revenue from gaming is estimated to reach $7 billion.
However, the community responses have been mixed. At the recent announcement, a vocal crowd expressed strong opposition, indicating ongoing concerns about the impact of these casinos on local neighborhoods.
Conclusion
The final decision regarding the casino licenses rests with the New York State Gaming Commission, which is expected to vote at the end of December. Successful applicants will usher in a new era of entertainment and economic growth for New York City.
