Three Casino Proposals Secure Green Light from NY State Gaming Facility Board

After a yearslong competition that began with eight casino proposals submitted to the New York Gaming Facility Board (GFLB) by the June 30, 2025 deadline, the five-person board — “former NYC Housing Commissioner Vicki Been (chair), general counsel at Pace University Terryl Brown, senior vice president at U.S. News and World Report Marion Phillips, III, Cindy Estrada, executive director at the New York city Hispanic Chamber of Commerce, and retired real estate finance executive Greg Reimers,” has approved three New York City proposals. Although the state Gaming Commission will formally vote to award licenses by December 31, 2025, it is reportedly expected to follow the recommendation by the GFLB.

  1. Metropolitan Park, Flushing Meadows-Corona Park Queens – the estimated $8 billion project by the team of New York Mets’ owner Steve Cohen and Hard Rock Entertainment will transform 50 acres of parking lots next to Citi Field. Construction is expected to begin in January 2026 and is projected to open by 2030. A 25% tax on slot machine games and 10% tax on tables and other gaming sources has been proposed
  2. Bally’s Bronx, Ferry Point, Bronx – the estimated $4 billion project will be constructed on a similar timeline as Metropolitan Park and rise on the former Trump Golf Links in Ferry Point Park, Bally’s having reportedly purchased the operating license in September 2023 for $60 million. A 30% tax on slot machine games and 10% on table games and other gaming sources has been proposed.
  3. Resorts World New York City, Jamaica, Queens – the currently operating small-scale gambling facility at the Aqueduct Racetrack is operated by Malaysian conglomerate Genting. While plans to expand the facility’s existing electronic machine offering to include live table games will happen as soon as June 29, 2026, the group’s proposed $5.5 billion hotel-casino will reportedly be built separately over three to four years. A 56% tax on slot machine games and 30% on table games and other gaming sources has been proposed.

It has been projected by GFLB’s consultants that the “total downstate casino market – comprised of these three casinos – could reach approximately $5.5 billion in gross gaming revenue in 2033, the projected market stabilization year;” and “assuming licensing at each applicant’s proposed tax rates and stability in the existing gaming facility landscape, incremental gaming tax revenue is projected to reach approximately $1 billion annually by 2036, totaling approximately $7 billion in incremental tax revenue from 2027 to 2036, plus $1.5 billion in licensing fees” according to the board’s Selection Document posted December 1st. The unexpected withdrawal in October by MGM Empire City, “left the selection process lacking the competitiveness that state officials hoped would incentivize developers to bid against each other for better community benefits, although the state reserved the right to give out fewer than three licenses” according to the press release by Crain’s New York; and if GFLB had only selected two applicants instead of three,  the consultants project tax revenue received by the state would $1.1 billion to $3.7 billion less.

Source: https://nycasinos.ny.gov/system/files/documents/2025/12/12.01.25.gflbselectiondocument.pdf

Source:    https://www.crainsnewyork.com/politics-policy/3-nyc-casinos-win-licenses-after-yearslong-battle