Last year, the New York State Gaming Commission (NYSGC) began to take bids for 3 downstate casino licenses. Since then, the bidding has been fierce but a decision still has not been made as to which company will get one. According to the NYGSGC, they do not expect to issues a license anytime soon. In fact, there will be No New Casino Licenses in New York Until 2025 due to various reasons.
Yesterday, the NYGSGC had a meeting to discuss the casino license process which left many license seekers in disappointment. During the meeting, Commission executive director Robert Williams said that it is unlikely that the application reviews will haven before Q1 of 2025.
The State Gaming Commission said that several states are necessary before they can start accepting applications. The first step would be to get the City Council to approve the land use changes necessary to build a casino. Furthermore, the changes would have to be done for the 5 boroughs.
In addition, the state commission would also have to appoint a state advisory committee to evaluate the bids. Therefore, those looking to open a casino should not expect to receive a casino license anytime soon.
In 2022, the state legislature made a low to speed-up the process in hope of that the bidding would start in 2023. While this came true, it will take a long time before any casino license will be giving to anyone. Unfortunately, it was wishful thinking that the process would be smooth. In response to these delays, Sen. Joseph Addabbo Jr. calls these delays, “frustrating.”
No New Casino License in New York Until 2025 – Licensing Process
To get one of 3 casino licenses, companies will need more than just money, a gambling software and a location. This is because they will also need to satisfy several requirements like the State/City Environmental Quality Review Act (SEQR).
Further delays could also come by Uniform Land Use Review Procedures (ULRPs), which all applicants must carry out. Like the SEQR, such a process will likely not be completed before early next year.
Another part of the process will be for each applicant to prove that they have the funding for their project. And that is on top of the $500 million price tag of the New York Casino license!
Which Companies are Bidding for a New York Casino License
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- Wynn Resorts and other companies are proposing to build a casino on Manhattan’s Far West Side near the Javits Center
- Caesar’s and Jay-Z are looking to transform a skyscraper on Broadway and turn it into “Caesar’s Palace Time Square”.
- NY Mets owner Steven Cohen and the Hard Rock brand want to build a casino near Citi Field in Queens.
- Las Vegas Sands wants to build a casino in Nassau County at the former Nassau Coliseum
- Hudson Bay Company wants to turn the top 3 floors of Saks Fifth Avenue into a Monte Carlo-style casino.
- Stefan Soloviev and the Mohegan tribe want so build a casino, Ferris wheel and museum neas the United Nations
- Resorts World New York City wants to expand their racino at Aqueduct Racetrack
- Thor Equities and the Saratoga Chicksaw Nation want to open a hotel and casion new the Coney Island boardwalk.
- Bally’s wants to create a casino in the Bronx where the Trump Gold links currently stands.
- MGM Empire City wants to expand their racino at the Yonkers raceway
- Silverstein Properties with Greenwood Gaming and Entertainment is looking to open a 1,000 rooms casino resort in Hudson yards.
A fierce Competition
At the moment, New York boasts 12 land casinos and 16 tribal casinos that offer a variety of gaming experiences. As one of the states with the highest population density, New York is an ideal place to open a casino. However, there is only a limited amount of casino licenses available in New York.
Needless to say, the competition is fierce as each competitor is trying to outdo the others. Earlier this month, Wynn Resort made the new by unveiling there rendering for a huge $12 billion casino complex. They are hoping to grab one of 3 casino licenses in New York so they can build on Hudson Yards, on the West Side of Manhattan.
Jay-Z is even in the running and along with Caesar’s Palace want to open a casino on Broadway. However, rapper NAS is looking to give JAY-Z some competition as he also plans to compete against JAY-Z for an NYC Casino License. Thus, the 2 rivals are taking their rivalry to a different level!
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