So much may seem uncertain going into 2025, but one thing New Yorkers can feel confident about — or even wager on – is that at least one new casino, or even as many as three, will be granted a license in the metropolitan area by the end of 2025.
That’s the plan, according to Robert Williams, executive director of the New York State Gaming Commission. He said the high-stakes process that will unfold over the next 12 months is significant in many ways, not the least of which is the “simply breathtaking” scope of some of the 11 ambitious projects vying for approval.
“The infrastructure development that’s associated with several of these, we’re talking in multiples of billions of dollars,” Williams said.
The winning projects will have major implications on local and state taxes, construction jobs and permanent employment, and likely leave a mark – for better or worse – on nearby businesses and other neighbors, according to experts who study the effects of gaming sites on communities.
Williams said the projects will be graded on qualitative characteristics, including architecture and design, “the relationships that they have with local communities, with unions, how the different projects integrate into something as simple as traffic and sewer and water, and fire and police protection.”
But the most important factors for any bid are quantitative and relate to economic development, Williams said. Those include the size of the capital investment, the revenue generated for the state and locality and the number of “quality” jobs it offers, he said.
The working timeline
All project proposals must be officially submitted by June 27, according to the Gaming Commission. Initially, each bid will go to a community advisory committee composed of members appointed by Gov. Kathy Hochul, as well as to state legislators and certain local officials. In the case of New York City-based proposals, those include Mayor Eric Adams and city councilmembers for the area.
Each community advisory committee requires a two-thirds supermajority to advance a proposal and must do so by Sept. 30. From there, the remaining proposals head to the Gaming Facility Location Board, headed by Vicki L. Been, the Judge Edward Weinfeld professor of law at NYU’s School of Law.
By Dec. 1, that board will in turn recommend up to three applicants for licenses by the state’s Gaming Commission, which has until the end of the year to issue final approvals.
One of the wildcards in the process concerns taxes. Along the way each gaming company must propose its own taxation rate for a project, which Williams said was a “fantastic concept” developed by state legislators looking to add an additional competitive quality to the process.
Those funds could significantly add up. In the case of mobile sports wagering, Williams said the 51% tax rate implemented in 2022 has since generated approximately $2.5 billion in taxes.
Revenue generated by any casinos will go to public schools across the state as well as mass transit and treatment for gambling addiction.
‘Sense of importance’
Williams said he hopes that gaming will ultimately add to the city’s “sense of importance” and value as an international destination, along with Broadway, sports and thousands of local restaurants.
“New York City is a place where the world converges.” Williams said.
Here are the projects currently vying for consideration:
- From developer Larry Silverstein is The Avenir, a complex on the far West Side comprising two high rises, including 1,000 hotel rooms and 400,000 square feet of gaming, entertainment and restaurants. The project promises 5,500 union jobs upon completion.
- Casino company Wynn and the Related Companies are proposing to develop the western half of Hudson Yards with Wynn New York City. The project would include a resort and casino, 5.6 acres of open space and 1,500 units of housing, as well as at least 35,000 union construction jobs, the most of any casino proposal, according to the company.
- Caesars Entertainment and SL Green Realty, the city’s biggest office landlord, have teamed up with Jay-Z’s Roc Nation to propose a project at 1515 Broadway, Caesars Palace Times Square. According to its backers, the Coalition for a Better Times Square, the project would generate more than $100 million in annual Broadway ticket sales and 10 million meals eaten at local restaurants.
- Hudson’s Bay Company’s bid would convert the top few floors of Saks Fifth Avenue into a casino, Gothamist reported.
- The Soloviev Group hopes to build a casino and 1,325 units of housing on an empty plot of land across from the United Nations, according to the New York Times, as well as a museum dedicated to democracy and 4.7 acres of green space along the East River.
- In Queens, Mets owner Steve Cohen is moving forward with plans to develop Metropolitan Park near Citi Field. The project, which has generated support from local community boards but opposition from state Sen. Jessica Ramos, would include public parks as well as a food hall hosting restaurants from Queens, and would result in as many as 23,000 union jobs.
- Resorts World New York City, an existing casino complex at Aqueduct Race Track in South Ozone Park, would expand under a proposal announced earlier this year by Resorts World. The bid includes 1,600 new hotel rooms, a 7,000 seat entertainment venue, and what the company claims would be one of the world’s largest casino floors.
- A Bronx-based project backed by the Bally’s Corporation would create a 3.1 million square foot complex with a gaming hall, spa, hotel and 2,000 seat arena, The City reported.
- Thor Equities and the Chickasaw Nation have proposed “The Coney,” a casino and hotel complex on 5 acres of land near the Coney Island boardwalk.
- In Nassau County, casino company Las Vegas Sands aims to turn the former home of the New York Islanders into a casino. The project, Sands New York, would also include a hotel, restaurants and a luxury spa.
- In Yonkers, gaming giant MGM is vying to redevelop the existing MGM Empire by adding a 5,000 seat concert space and a casino for “the most discerning” guests. Currently the facility operates a video lottery terminal “racino” and horse races.
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