During this year’s Racing and Gaming Conference in Saratoga Springs, New York, State Senator Joe Addabbo once again voiced his frustration over the prolonged delay by Governor Kathy Hochul and the New York State Gaming Commission in awarding three downstate casino licenses.
The bidding process, which could see up to 14 contenders, has attracted interest from some of the world’s largest casino corporations and billionaire figures, including New York Mets owner Steve Cohen. When questioned whether the gaming commission would decide on the bids by the end of next year, Addabbo estimated the chances to be fifty-fifty.
This Process Started Two Years Ago
Two years ago, Governor Hochul signed into law a casino bill co-championed by Addabbo and Assemblyman Gary Pretlow, who is also the chair of the New York State Committee on Racing and Wagering.
The legislature’s goal was to speed up the process. By October, the New York State Gaming Commission had unanimously approved the first three members of the Gaming Facility Location Board. This panel selects up to three casino applicants for licensure consideration.
In January 2023, the New York Gaming Facility Board released a comprehensive 70-page Request for Applications, inviting proposals for up to three casinos in the state.
Senator Addabbo, representing a Queens district that includes Resorts World New York City—a 330,000-square-foot racino opened in 2011—has been a key player. Pretlow represents the 89th District, covering Mount Vernon and Yonkers.
MGM Resorts International acquired Empire City Casino and Yonkers Raceway in 2019. Both MGM Resorts and Genting Malaysia Berhad, the owners of Resorts World, aim to upgrade their racinos into full-scale casinos. Given that most other (downstate casino) bidders would need to build from scratch, these racinos are seen as leading contenders, but Petlow stressed that no decisions have been finalized.
The Application Process Could Stretch Into Next Year
The commission has urged applicants to use the remaining year to ensure their proposals meet all regulatory requirements, thereby avoiding further delays. Prominent operators such as MGM Resorts International, Wynn Resorts, Las Vegas Sands, and Caesars Entertainment have already presented their initial plans. The proposals feature both commercial and tribal operators.
The extended deadline gives bidding entities sufficient time for a thorough and effective selection process.
Competition for Downstate Licenses is Fierce
Several operators are vying for the coveted gaming licenses, including Resorts World New York City, which unveiled a $5 billion expansion plan. This project will add a 350,000-square-foot casino floor, 1,600 hotel rooms, and a 7,000-seat entertainment venue to its existing Queens location.
SL Green Realty Corp. and Caesars Entertainment announced their ambitious plans to develop a casino resort in Times Square.
Operators like Bally’s, MGM Resorts, Hard Rock, Las Vegas Sands, and Mohegan have submitted proposals for locations ranging from Manhattan to Long Island and the Bronx.
Wynn Not Waiting Around- Updates Plan
But Wynn may already be trying to get a “leg up” on the competition.
The hotel giant and Related Companies have updated their Hudson Yards proposal amid the NYC gaming license competition. The $12 billion mixed-use site could host the 1,500-room Wynn New York City if it secures one of the region’s three available gaming licenses.
The joint venture between Related Companies, Oxford Properties Group, and Wynn Resorts released updates to the Hudson Yards West project. This development, located on the undeveloped western rail yards, would feature the Wynn New York City resort if approved by city and state officials.
Additionally, Hudson Yards West would include a 5.6-acre public park, similar in size to Bryant Park, 1,500 housing units with 324 affordable apartments, and a public K-8 school.
They don’t call it “The Big Apple” for nothing.
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