The race to secure one of the three sought-after casino licenses in downstate New York is reaching its final stages. Bidders have until June 27 to submit their proposals to the New York State Gaming Commission, with decisions expected by the year's end.
The process to apply for the three new casino licenses has been a long one. It officially started in early 2023.
This came after Governor Kathy Hochul made it a priority in the state budget in 2022. Although formal applications started in 2023, the idea and planning for these casinos has been in the works since the state first talked about expanding casinos back in 2013.
Here’s a look at the eight candidates still vying for a license:
1. Resorts World New York City
Located at the Queens Aqueduct Racetrack, the plan aims to transform from a racino into a mega casino.
The Genting Group plans to invest $5 billion in expanding the site into a major entertainment hub. The proposal includes a 2-million-square-foot area with a 350,000-square-foot casino floor, a 1,600-room hotel, a 7,000-seat arena, extensive meeting areas, and 30 new dining venues. This robust plan makes them a strong contender.
2. Empire City Casino
Owned by MGM, this project in Yonkers is another favorite. Their $2.2 billion plan features a new 5,000-seat arena and enhanced dining options. Local officials support this proposal, raising its chances of approval. The site’s previous $1 billion investment and strong ties with Westchester business leaders further strengthen their bid. MGM’s recent $850 million corporate debt sale adds financial flexibility for these upgrades.
3. Caesars Palace Times Square
It is a high-profile proposal from Caesars Entertainment, SL Green Realty, and Jay-Z’s Roc Nation.
Their $4 billion casino hotel in Times Square faces resistance from local boards and Broadway, but its prime location and celebrity backers bolster its prospects. Times Square currently lacks a casino, and this smaller project could generate significant revenue. The plan has backing from the city’s commercial real estate sector, which has strong political connections.
4. Metropolitan Park
Proposed by New York Mets owner Steve Cohen and Hard Rock, the plan includes an $8 billion development near Citi Field.
Cohen wants to convert 50 acres of parkland, including a Citi Field parking lot, into an entertainment district featuring a casino, a Hard Rock-branded hotel with 2,300 rooms, a live music venue, a food hall, and athletic fields. With strong local support and funding, the proposal remains strong despite some opposition.
5. The Avenir
This project from Silverstein Properties and Greenwood Gaming & Entertainment aims to build a massive 1.8-million-square-foot complex in Midtown.
Larry Silverstein’s reputation is notable, yet the location on 11th Avenue makes their chances slim. Silverstein is renowned for rebuilding the World Trade Center site after 9/11, but the site’s location on Manhattan’s far West Side makes it a tougher sell.
6. Freedom Plaza
From the Soloviev Group and Mohegan, is a $10 billion project designed to blend with Midtown East’s urban landscape.
Despite its grandeur, the odd location and underground casino design weaken its prospects. A group of 22 New York City faith leaders recently supported the project, emphasizing the development’s potential to address affordable housing needs. It also got strong support in a recent poll.
7. Bally’s Bronx
It aims to redevelop a former Trump Organization golf course in East Bronx.
While the proposal includes a 3-million-square-foot complex, the location is not ideal for attracting steady guest traffic, making Bally's a long shot. Despite this, Bally's has strong lobbyist support and good relations with Democratic leaders. The company remains financially stable following its acquisition by Chair Soo Kim’s hedge fund. It also recently received a crucial vote needed to keep the project alive.
8. The Coney
A proposal by Thor Equities and Saratoga Holdings is a $3 billion plan to revitalize Coney Island.
The project includes a 1.4-million-square-foot complex with a 32-story hotel featuring 500 rooms, a 2,500-seat concert venue, 90,000 square feet for events, and 70,000 square feet for retail and dining. However, it faces significant opposition and concerns about attracting consistent year-round visitors, making it the underdog. But the New York City Planning Commission appears to be on board.
Each candidate offers a distinct vision for the future of New York’s casinos, but only three can succeed. Applications are due in less than two weeks, with zoning and other approvals needed by September 30. The final decision on who gets the licenses is expected in December.
As the deadlines approach, stakeholders and community members will evaluate the proposals, and soon we'll find out which projects hit the jackpot.
