State Panel Endorses Three Casino Projects in Bronx, Queens
The New York state government committee has endorsed three major casino projects in the downstate region. The recommendations came from the New York Gaming Facility Location Board during a meeting, signalling the potential for significant economic development. The approved projects are Bally’s Bronx, Hard Rock Metropolitan Park, and Resorts World New York City.
Overview of the Casino Projects
Each proposed project is expected to contribute positively to local economies and job creation.
- Bally’s Bronx: A $2.3 billion project located at Ferry Point, set to open by 2030. It will include a 500-room hotel, a 2,000-seat event center, and various entertainment options.
- Hard Rock Metropolitan Park: Led by Mets owner Steve Cohen, this $5.3 billion project features two hotels and a major entertainment venue in Queens, looking to open by 2030.
- Resorts World New York City: An expansion worth $3.3 billion adjacent to Aqueduct Racetrack, this project aims to enhance existing gaming facilities and is expected to open next year.
Economic Impact and Future Prospects
The approval of these casinos is projected to generate nearly $13 billion in new revenue for New York state over the next ten years. This revenue will stem from taxes related to gaming activities and hotel operations. Each project will require a $500 million licensing fee upon approval, providing an immediate revenue boost to the state.
Community Considerations and Controversy
While the board evaluated the benefits of these projects, it also weighed the risks associated with gambling, such as addiction. Concerns were raised about the potential for these casinos to compete with each other, but the board concluded that the market in New York City could sustain all three ventures.
The Hard Rock project faced significant local objections, primarily from state Senator Jessica Ramos. Although she did not support the project, Senator John Liu introduced the necessary legislation to advance it.
Statements from Officials
Vicki L. Been, the chair of the location board, emphasized the careful consideration taken in evaluating these proposals. Governor Kathy Hochul expressed gratitude for the board’s thorough review, noting the potential for these projects to unlock vast funding for the MTA and create numerous job opportunities.
As the recommendations proceed to the state Gaming Commission, the final decision on granting licenses remains pending. It is crucial to note that the commission retains the authority to accept or reject these recommendations, ensuring a thorough review process.
Conclusion
As New York moves forward with potential casino developments, the economic implications could be substantial. The ongoing discussions around these projects reflect both enthusiasm and concern, encapsulating the complexities of introducing large-scale gaming in urban areas.
