New York casino race narrows to four finalists as state board weighs bids

New York’s competition for up to three downstate casino licenses has entered its final stage, with four development groups now under formal review by the state’s Gaming Facility Location Board. The remaining contenders include Bally’s New York Casino at Ferry Point in the Bronx; Metropolitan Park near Citi Field in Queens, backed by Mets owner Steve Cohen and Hard Rock International; an expansion of Resorts World New York City at Aqueduct Racetrack, led by Malaysia-based Genting; and MGM Empire City’s proposed upgrade of its Yonkers Raceway facility in Westchester. The five-member board, composed of economic development experts, will evaluate the bids and issue final recommendations by December 1. The New York State Gaming Commission will make the ultimate decision, though it is not required to approve all three potential licenses. “One of the things we have to look at is, ‘What is the overall financial picture? What kind of revenue are they going to be bringing into the state based on a dynamic financial analysis of how they are going to interact?’” said Vicki Been, the board’s chair, as reported by Spectrum News. Applicants will be assessed on projected tax revenue, job creation, construction timelines, financing capability, and their ability to pay a $500 million license fee and invest at least another $500 million into their facilities. “How realistic is their plan for what they are going to construct, and how quickly are they going to construct that and be up and running?” Been added. The bidding groups have spent heavily to secure political and community support. The team behind the Citi Field proposal spent $1.8 million across 14 lobbying firms in 2024, according to city records. Genting spent just under $1 million, Bally’s more than $900,000, and MGM about $300,000. Metropolitan Park estimates its Queens resort could generate $3.9 billion in annual revenue by its third year of operation and deliver $850 million in state and city tax revenue. However, Resorts World and MGM Empire City are seen by industry analysts as early favourites due to their ability to convert existing racetrack casinos into full-scale gambling venues more quickly. Local opposition has mounted most strongly against the Citi Field proposal, with community groups planning marches in Queens later this month. The Bronx project has faced criticism at hearings, while the two racino-based bids have encountered fewer protests. “We can award up to three licenses,” Been said. “We don’t have to award any if we don’t think the applications bring sufficient revenue or are sufficiently well-developed.” A previous report from the state comptroller cautioned against overly optimistic projections. “Local gaming revenue is not always a ‘sure bet,’” it said. “Careful financial planning is crucial to minimize risk while benefiting from this revenue stream.”