With only three new licenses for the taking, so far, close to a dozen proposals have been publicly announced
Leading gaming and hospitality giants, joined by real estate developers, all interested in securing a casino license in New York are looking forward to the success such an opportunity may bring. While there are currently 11 proposals, filed by major players and coalitions, there are only three downstate licenses up for grabs.
If There Are No Delays, Successful Bidders Will Be Announced by the End of 2025
The New York Gaming Facility Location Board, an agency in charge of reviewing the casino licenses process, is expected to receive answers to more than 400 questions by bidders through June this year. Each casino bidder is expected to submit answers and file applications by June 27, 2025.
By the end of September, the casino applicants must have all relevant zoning, land-use and other permits. Then, the Board is expected to narrow down the casino license applicants by December 1, 2025. Once this process is completed, the New York State Gaming Commission, the state’s gambling regulator, is expected to award each of the three new downstate casino licenses by the year’s end.
License fees for each applicant are expected to be $500 million. Each casino license applicant is expected to propose a tax rate. Ultimately, New York is expected to benefit not only from fresh tax revenue and the collected license fees but from significant improvements to the areas where the casinos are expected to be developed.
Who Are the Casino License Bidders?
As noted, leading gaming and hospitality companies are interested in potentially securing a casino license in New York. While some bidders prose for redevelopment and expansion of existing venues, others focus on entirely new builds. In any case, the proposals are massive and involve an investment of billions of dollars.
Las Vegas Sands, joined by RXR Realty, is planning on redeveloping the site of Nassau Coliseum, investing $6 billion to deliver a new casino and resort venue that also offers entertainment and leisure options. Recently. Sands NY casino bid faced opposition from Nassau activists, who argued the project may negatively impact Nassau County.
On the other hand, Wynn Resorts and Related Companies seek to invest a mind-blowing $12 billion in a new skyscraper 80 floors high at Hudson Yards. While the project is supported by a number of organizations, it also faces fierce opposition from local communities.
A separate proposal by Thor Equities would revolve around the investment of $3 billion. The casino bid, known as “The Coney,” proposes investment of $200 million in the local community, if the company wins the license. Per the proposal, thousands of temporary and permanent jobs are expected to be created at the site of the casino on Coney Island.
MGM Resorts’ proposal, Empire City Casino, will see the company invest more than $2 billion to upgrade its existing property in Yonkers. It was back in 2019 when the operator acquired the casino for $850 million and for five years, the venue helped generate $1.3 billion in proceeds for education.
Similarly, a proposal by Genting seeks to redevelop Resorts World New York City, located in Queens. An estimated $5 billion is expected to be invested and the proposal is enjoying support from recognizable executives and lawmakers.
A NY casino bid by Caesars Entertainment, SL Green and Roc Nation, an entertainment agency founded by Jay-Z, seeks to build a casino in Manhattan. The Times Square casino would represent an investment of $4 billion.
In addition to the aforementioned bidders, there are five other interested applicants. Undoubtedly, it will be interesting to see which are going to be the successful bidders that are going to benefit from this exceptional opportunity.
