New York Gaming Board Approves Three Downstate Casino Proposals
## Executive Summary
New York State's Gaming Facility Location Board has approved three downstate casino proposals, advancing major projects from **Hard Rock International**, **Bally's Corporation**, and **Resorts World New York City**. These bidders can now apply for a full operating license from the New York Gaming Commission. The decision unlocks what is considered one of the nation's most lucrative gaming markets and represents a combined potential investment of over $17.5 billion aimed at developing large-scale entertainment and resort complexes in the outer boroughs.
## The Event in Detail
The board's approval concludes a competitive selection process that intensified after state legislators authorized up to three new licenses for the New York metropolitan area in 2022, lifting a decade-long moratorium. The three approved proposals are:
* **Hard Rock Metropolitan Park:** A partnership between billionaire Mets owner **Steve Cohen** and **Hard Rock International**, this project carries the largest proposed budget at **$8 billion**. The plan is to develop a casino and entertainment complex on the land adjacent to Citi Field in Queens.
* **Resorts World New York City:** A **$5.5 billion** expansion of its existing video lottery terminal facility at the Aqueduct Racetrack in Queens. This project leverages an established location with plans for significant upgrades to a full-scale casino.
* **Bally's at Ferry Point:** A **$4 billion** proposal to construct a casino on a former Trump-owned golf course at Ferry Point in the Bronx. According to the terms of the deal, **Bally's** has agreed to a **$115 million** payment to the Trump Organization contingent upon securing the final casino license.
## Financial and Regulatory Framework
The path to approval was established by a 2022 legislative decision that formally ended a temporary ban on new casinos in New York City, Long Island, and Westchester County. The state's Gaming Commission appointed a five-member Gaming Facility Location Board to oversee the application and selection process. With the board's approval now secured, the three entities—Hard Rock, Bally's, and Resorts World—must proceed to the final stage, which involves a comprehensive review and licensing decision by the New York Gaming Commission.
## Market Implications
The approval signals a landmark capital injection for New York City's hospitality and entertainment sectors, with billions earmarked for construction and development in Queens and the Bronx. This development is expected to create thousands of jobs in construction and permanent hospitality roles. Furthermore, the introduction of three major casino resorts in the New York metropolitan area is poised to create significant competition for established gaming hubs in the region, particularly Atlantic City, by capturing a large portion of the local market.
