The New York State Gaming Facility Location Board awarded downstate casino licenses to the three remaining bidders following a lengthy, contentious licensing battle.
Hard Rock, Bally’s and Resorts World were awarded the three downstate casino licenses, ending a legislative and regulatory approval process that began in 2013. The process allowed eight gaming companies to apply for the three available downstate casino licenses, with minimum licensing fees set at $500 million and a minimum capital investment of $500 million. The eight applicants sought to develop new casinos or expand existing properties.
The application process was cut to three casinos in 2025, with the group expected to generate approximately $5.5 billion in gross gaming revenue when the downstate casino market reaches maturity in 2033. The three approved license holders proposed their own tax rates on slot machines and table games during their application process.
Resorts World’s plans in New York
Resorts World plans to expand its existing video lottery terminal facility in Queens to include more than 4,500 slot machines and over 500 table games, providing the gaming giant with a full commercial casino in the Empire State. Resorts Word expects to open its fully-upgraded facility in 2031 and has promised a total capital investment of around $3.3 billion. The board noted that only 1% of Resorts World’s capital investment is allocated toward businesses in Queens, a low rate that the board wants to be improved. Resorts World’s current proposal offers capital investment into a new hotel, multipurpose arena and parking facilities. It proposed a 56% tax rate on slot machines, one of the highest in the country, and a 30% rate on table games. Last month, Resorts World denied wanting to lower its tax rates after a report said the company wanted to reconsider its terms.
The board also voiced concerns regarding Resorts World’s funding of its project in New York with the company relying “heavily on future operating cash flow and future debt financing to fund a substantial portion of development costs.” According to the board, Resorts World has around $925 million in committed debt financing for its licensing fees and initial capital expenditures. Resorts World plans to raise additional debt to complete the project.
SBC Americas reached out to Resorts World for information regarding its licensing term length and will update this story if a response is received.
Bally’s to develop a casino in the Bronx
Bally’s plans to build a casino in the Bronx that features 3,500 slot machines, nearly 250 table games and 500 hotel rooms. The company pledged a $2.3 billion total capital investment with roughly 75% of the funds benefiting “Bronx-based firms.” Bally’s plans to contribute at least $15 million of gross gaming revenue to a Community Benefits Fund.
Bally’s plans to open its new casino in 2030 and proposed a 30% tax rate on slot machines and a 10% rate on table games. Bally’s has an initial 15-year licensing term with a 10-year renewal for a total licensing length of 25 years, a company spokesperson confirmed to SBC Americas. The final initial term is subject to determination by gaming regulators.
Bally’s also plans to pay the Trump Organization $115 million as part of a purchase agreement that required a payment if awarded a casino license. In 2023, Bally’s purchased the property it plans to build its new casino on from the Trump Organization.
Hard Rock to also offer casino gambling in Queens
Hard Rock and Mets owner Steve Cohen were approved for a downstate casino license that would bring a casino next to Citi Field, the Mets’ ballpark since 2009. Hard Rock and Cohen plan to build a casino resort and entertainment district that is projected to open in June 2030. The project includes a casino, two hotel towers and an entertainment venue.
“The project will transform an area already rich in entertainment options into a more coherent and accessible destination for people wanting to attend sporting events, enjoy local food and beverage options, linger in an inviting outdoor park, and take in the events or gamble at the casino,” said the board in its selection document for its three applicants.
Hard Rock proposed a $5.3 billion capital investment, with 24% of the investment allocated toward Queens businesses. It also included $761 million in community benefits as part of its total project costs, with a pledge of $150 million to support a community impact fund. Total costs of community benefits are expected to reach approximately $911 million.
Hard Rock proposed a 25% tax rate on slot machines and a 10% rate on table games. SBC Americas reached out to Hard Rock to confirm the company’s licensing term length.
The New York State Gaming Commission plans to formally approve licenses on Dec. 31.
MGM Yonkers pulls the plug on license application
Earlier this year, four of the applicants received approval by a Community Advisory Committee, but that figure would fall to three applicants after MGM Yonkers withdrew its application as it no longer made economic sense to pursue expanding an existing property in New York. MGM Yonkers learned its proposal to expand its existing property in New York would only yield a 15-year license term with regulators offering a maximum 30-year term.
MGM Yonkers planned to spend $1.8 billion to improve its existing New York property and pay the $500 million minimum licensing fee, making a 15-year license less feasible.
