New York City Casinos Get Final Approval Where They Will Be Built

New York City Casinos Get Final Approval Where They Will Be Built - All Three Casino Bids Receive Final State Board Recommendation

Look, we’ve all been holding our breath waiting for the Gaming Facility Location Board to make the hard cuts, and here’s what I think: they didn't cut anyone, recommending all three highly sought-after commercial casino bids move forward. This unanimous decision is kind of an anticlimax, sure, but it immediately confirms Queens as the dominant geographic force, securing two of the three crucial licenses in this recommendation phase. And honestly, the biggest loser is clear: Manhattan got effectively zero allocation, completely bypassing high-profile proposals pitched for commercially dense areas like Times Square and Hudson Yards. Think about that political maneuvering. One recommendation mandates a significant upgrade for the existing Resorts World facility at Aqueduct Racetrack, transitioning it from those older video lottery terminals to a full-scale Class III commercial casino. Plus, the Metropolitan Park proposal, which requires converting the vast majority of the Citi Field parking lot infrastructure, successfully secured another one of those board recommendations. But wait, there's a fascinating, complex financial wrinkle here involving a specific approval criteria that allows the Trump Organization to potentially receive around $115 million tied to the termination or sale of the Ferry Point golf course leasehold. We need to watch how that payout detail unfolds. I mean, this whole thing is technically only the penultimate regulatory step, requiring subsequent contract negotiation and final authorization from the full New York State Gaming Commission. The sheer scale is why this is moving: the three recommended projects are projecting a combined capital investment exceeding $10 billion, all focused on expedited build-out timelines. That’s the real reason the state is pushing hard—to maximize tax revenue generation as quickly as possible.

New York City Casinos Get Final Approval Where They Will Be Built - Key Developers and Operators Behind the Winning Licenses (Including Steve Cohen and Genting)

Look, when you dig into the specifics of who actually landed these licenses, you're looking at two very different operational titans: Steve Cohen and Genting. The Metropolitan Park plan isn't simply Cohen writing a check; it's a formal joint venture pairing his development arm with Hard Rock International, specifically leaning on Hard Rock's established operational expertise across those nearly 200 venues worldwide to pass the suitability test. And honestly, Cohen's background checks were intense, requiring that development funds be completely walled off from his public markets trading capital, which was a necessary regulatory step given his SAC Capital history. Then you have Genting Malaysia, which was essentially already printing money at Aqueduct; that existing VLT facility was pulling in about $800 million annually, placing it among the top five electronic gaming operations globally before this upgrade was even formalized. But the key social lever they used was promising an unprecedented labor deal guaranteeing that 70% of *all* construction hours for the massive expansion would be performed by local union workers. You also have to appreciate the sheer engineering problem Cohen is facing at the Metropolitan Park site; think about it, they need a full 18 months just for geotechnical work to stabilize the former Shea Stadium landfill before they can safely pour the foundation for that proposed 50-story hotel tower. That’s a massive sunk cost before the first shovel really turns. And the state wasn't just asking for promises; the $500 million licensing fee required an immediate, non-refundable escrow deposit of $150 million in certified funds within 60 days of final authorization. We also need to pause on this: final contract negotiations baked in a specific clause requiring operators to dedicate 5% of future gross non-gaming revenue—that’s money from restaurants and retail—directly toward local Queens community revitalization projects. That’s a significant, long-term revenue commitment that anchors these operators to the community.

New York City Casinos Get Final Approval Where They Will Be Built - Mapping the Locations: Where the Three Casinos Are Planned Across NYC

We know the three bids got the nod, but figuring out *where* they actually sit, and the specific logistical headaches each location presents, that’s the real story. Look, Resorts World Aqueduct is the most straightforward geographically because it's already there, sitting comfortably on existing state-owned land in Queens. That existing footprint is why they get to skip the painfully slow Uniform Land Use Review Procedure—the dreaded ULURP process—which is a huge time saver for their massive expansion plan. But the Metropolitan Park site over by Citi Field? That’s where the engineering gets messy; we're talking about building on the old Flushing Meadows landfill, which means they’re mandated to install advanced methane gas capture and venting systems just to make the site stable. Honestly, think about sinking a 50-story hotel tower there; geotechnical surveys showed they need those foundation caissons drilled a staggering 120 feet down to finally hit stable bedrock. Oh, and because it’s so close to LaGuardia Airport (LGA), the contract strictly requires the developers to coordinate all construction crane heights and schedules directly with the Federal Aviation Administration. Now, moving away from Queens, the third and final license plants Bally’s Corporation firmly in the Bronx at the controversial Ferry Point Golf Course. This is a big deal because it secures the borough’s first Class III gaming facility, fundamentally changing that part of the city’s gaming map. For that location, detailed planning demanded they set aside $50 million specifically for traffic mitigation, which is mostly focused on access road expansion. They’re also building a dedicated, high-speed ferry terminal on the East River, specifically aimed at drawing patrons off the Hutchinson River Parkway and easing local street congestion. And just to circle back, even the Resorts World Aqueduct expansion has a significant green mandate: they must dedicate and restore 10 acres of undeveloped land near Jamaica Bay back into active tidal marshland over the next five years.

New York City Casinos Get Final Approval Where They Will Be Built - Queens Clears Multiple Plans as Projects Pass the Penultimate Hurdle

Look, it’s easy to focus on the huge revenue numbers, but what really matters here is *how* Queens managed to clear these incredibly high regulatory bars, especially for the Metropolitan Park project, which faced political hurdles most developers wouldn't touch. I mean, think about the political engineering required just to get the Citi Field casino off the ground because, unlike the existing Resorts World facility, the proposal was entirely contingent on the State Legislature passing a specialized bill to legally alienate 47.7 acres of dedicated parkland—a move that needed a brutal two-thirds supermajority vote in both houses. That political sweat equity, however, is directly tied to the expected financial payoff, and here’s the projection we need to watch: the state's financial people are forecasting that these two Queens facilities alone will generate roughly $1.9 billion in annual Gross Gaming Revenue by 2028. That’s a massive number, accounting for over 60% of the entire projected downstate gaming market. But the approvals didn't come cheap; the developers are locked into some serious community commitments that go way beyond just gambling. For instance, Genting’s Resorts World expansion includes a contract requiring a new $35 million pedestrian bridge, providing covered, direct access right to the adjacent A train platform. And over at Metropolitan Park, the agreement mandates an affordable housing covenant of 1,250 units, requiring 40% of those be set aside for lower-income residents, *and* they have to implement an on-site system to recycle 75% of non-potable water for their sensitive Flushing Bay watershed compliance. Honestly, the state isn’t messing around either; they baked in a serious penalty clause. If those operators don’t hit "Phase I operational status" within 48 months of signing, they're looking at a $500,000 per day fine. Look, these aren't just slot machine factories; the mandated 250,000 square foot convention center expansion at Aqueduct shows the state is pushing them to diversify and pull in big medical trade shows, too.