New York State Senator Joseph P. Addabbo Jr. has urged the state’s Gaming Facility Location Board to expedite the approval of downstate casino licenses following the unexpected withdrawal of MGM Resorts International from the bidding process. Senator Addabbo, who chairs the Senate Committee on Racing, Gaming, and Wagering, voiced concerns that any delays could negatively impact crucial construction projects, job creation, and public service funding. The withdrawal of MGM, a former frontrunner with plans to expand its Empire City Casino in Yonkers for $2.3 billion, surprised many. The reason behind MGM’s exit is attributed to proposed changes that would reduce the license period from 30 to 15 years, necessitating future renewals and associated costs. MGM cited a saturated market and decreased profit projections as key factors in their decision.
With MGM now out of the picture, three contenders remain in the race for New York’s three coveted downstate casino licenses. The Genting Group aims to construct a Resorts World casino at Aqueduct Racetrack in Queens, Bally’s intends to develop a casino at the former Trump Golf Links site in the Bronx, and Mets owner Steve Cohen has partnered with Hard Rock International to propose an $8 billion “Metropolitan Park” near Citi Field.
With MGM now out of the picture, three contenders remain in the race for New York’s three coveted downstate casino licenses. The Genting Group aims to construct a Resorts World casino at Aqueduct Racetrack in Queens, Bally’s intends to develop a casino at the former Trump Golf Links site in the Bronx, and Mets owner Steve Cohen has partnered with Hard Rock International to propose an $8 billion “Metropolitan Park” near Citi Field. Senator Addabbo emphasized that awarding the licenses to these remaining bidders is a sensible strategy given the current circumstances. The five-person Gaming Facility Location Board, led by former New York City Deputy Mayor Vicki Been, anticipates announcing their selections by December 1. The board, comprising experts in law, finance, and community development, has spent months evaluating the financial viability, community impact, and future success potential of each proposal. Been previously stated that only submissions demonstrating strong local support and evident benefits for neighboring areas would be approved.
Each casino license comes with a hefty one-time fee of $500 million, granting operators the rights to offer full-scale casino operations, including table games, slot machines, and on-site sports betting. Market analysts highlight the New York casino market as one of the most lucrative in the United States,
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