Each license comes with a single payment of $500 million and grants the holder permission to operate full-scale casino floors featuring slot machines, table games, and in-person sports betting
The competition for New York‘s three downstate casino permits has reached its critical phase, as the state’s Gaming Facility Location Board conducted its first formal meeting this week to consider the final applications. The five-person group will assess four major bids competing for what many expect to become some of the most lucrative casino licenses in the nation.
Four Developers Face Off for New York’s $500 Million Casino Licenses
The meeting, held in private, was the first official talk since the bidding ended in late June. The remaining candidates are Bally’s Bronx at the old Trump Golf Links location, MGM’s Empire City Casino in Yonkers, Resorts World New York City at Aqueduct Racetrack in Queens, and the Metropolitan Park project, an $8 billion plan near Citi Field headed by Mets owner Steve Cohen with Hard Rock International.
Each license costs a one-time fee of $500 million and would allow the winner to run Vegas-style gaming floors with slot machines, table games, and sports betting. While three licenses are up for grabs, the board does not have to give out all of them.
Board chair Vicki Been, a law professor at New York University and former deputy mayor for housing under Bill de Blasio, stressed that only projects with strong financial support, quick construction plans, and big economic effects would go ahead. She pointed out that the board would suggest proposals that could create long-term state income and help communities grow.
Experts from Finance, Law, and Urban Development Lead Final Phase of NY Casino Selection
The five board members, all named in the last three years, come from backgrounds in banking, urban planning, law, and business leadership. Along with Been, the group includes Cindy Estrada, the latest addition and head of the New York City Hispanic Chamber of Commerce; Terryl Brown, who serves as vice president and general counsel at Pace University; Marion Phillips III, who holds the position of senior vice president for community development at U.S. News & World Report; and Greg Reimers, a retired finance executive…