The competition for New York’s downstate commercial casino licenses has narrowed significantly, with the three remaining contenders—Resorts World New York City, Bally’s Corporation, and the partnership of Steve Cohen/Hard Rock International—submitting their supplemental applications to the New York State Gaming Facility Location Board.
According to The Wall Street Journal, this development follows the unexpected withdrawal of MGM Resorts International’s bid for a full casino at its Empire City Casino in Yonkers.
MGM attributed its decision to a “shift in the competitive and economic assumptions,” specifically noting that the reduction of the license term from 30 years to 15 years altered the expected financial returns.
With MGM’s exit, the race among the final three has intensified. Resorts World is proposing a $5.5 billion redevelopment of its existing Queens venue into a full-scale integrated resort.
The company is offering the most aggressive financial package, including the highest proposed tax rates (56 percent for slots and 30 percent for table games) and a $600 million license fee, claiming its project will generate the highest gross gaming revenue and taxes.
New York Mets owner Steve Cohen and Hard Rock are pushing for their $8 billion “Metropolitan Park” project next to Citi Field in Queens.
Meanwhile, Bally’s is proposing a $4 billion casino resort near its golf course at Ferry Point in the Bronx, positioning it as a major regional attraction. The New York State Gaming Commission is expected to announce the winners of up to three available licenses by the end of the year.
