NYC Casino Race Narrows to Four, Jay-Z’s Bid Fails
New York’s competition for three coveted casino licenses has reached a critical stage, with only four developers remaining in contention as the state gaming commission aims to make a decision by December 1st.
The field has significantly narrowed from the numerous initial bids, including high-profile proposals from Jay-Z’s Roc Nation and Caesars Entertainment for a Times Square casino, both of which were rejected due to community opposition. Currently, Bally’s Corporation, MGM Resorts International, Metropolitan Park (backed by Steve Cohen), and Resorts World New York City are vying for the licenses, each promising billions in revenue and thousands of jobs. This decision will reshape the state’s gambling landscape and potentially generate significant tax revenue.
Bally’s is proposing a $4 billion casino in the Bronx near the former Trump Links golf course, a project that would also provide $115 million to the Trump Organization if approved. MGM is seeking to expand its existing Empire City racino in Yonkers with a $2.3 billion investment. Metropolitan Park, a massive $8.1 billion development next to Citi Field in Flushing, Queens, is spearheaded by New York Mets owner Steve Cohen and Hard Rock International. Resorts World New York City aims to transform its existing facility in Jamaica, Queens, into a $5.6 billion integrated resort. “It is the biggest prize in gaming, potentially ever,” Bally’s chairman Soo Kim told Forbes.
New York State Gaming Commission chairman Brian O’Dwyer has repeatedly emphasized that no proposal has an advantage, stating during a late September meeting, “Like I said before, this is a tabula rasa. There are no front-runners or favorites.” He also stressed the commission’s ability to issue fewer than three licenses if the projects don’t adequately “serve the public interest,” according to the New York State Gaming Commission. The commission is expected to announce its selections before the end of the year.
