New York State To Choose NYC Casino Licenses by the End of 2025

Article by : Erik Gibbs Jul 2, 2024

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The New York State Gaming Facility Location Board has decided to extend the bid deadline for three downstate casinos to the end of 2025. This decision stands in contrast to a bill currently awaiting Governor Kathy Hochul’s signature, which proposes an earlier deadline of August 31, 2024.

Under New York law, the establishment of three brick-and-mortar casinos is permissible in and around New York City. Presently, 11 bidders are competing for casino locations in various areas such as Times Square, Brooklyn, and beyond. These proposals encompass a range of projects, including resorts, housing units, and neighborhood improvements.

Senator Joe Addabbo’s Bill (S9673A) advocates for a tighter deadline, suggesting that bid submissions should be completed by August 31, 2024.

This bill was successfully passed through both the House and Senate in early June and is now awaiting Governor Hochul’s signature. Should the Governor sign this bill into law, it would necessitate bid submissions by the end of this summer, a timeline that members of the Facility Location Board have deemed restrictive.

During the board meeting, concerns were raised regarding the feasibility of the proposed August 2024 deadline. It was highlighted that bids cannot be reviewed until all necessary entitlements and zoning approvals are secured. Board Chair Vicki Been pointed out that while politicians might prefer a quicker deadline, the logistical realities make it impractical.

Essential processes such as zoning changes and environmental impact studies must be completed before bid review can commence, posing significant challenges for proposals requiring rezoning. Notable examples include Bally’s Bronx and Steve Cohen’s Queens proposal.

Board Member Stuart Rabinowitz acknowledged that if Governor Hochul signs the bill into law, it would override the board’s decision, creating a legal framework with a stricter timeline. This development would add complexity for both the bidders and the board.

Among the current casino proposals are Avenir by Silverstein Properties, operated by Greenwood Gaming in Manhattan; Bally’s Links at Ferry Point by Bally’s Corporation in The Bronx; Caesars Palace Times Square by Caesars Entertainment, SL Green, and Roc Nation in Manhattan; The Coney by Thor Equities.

Also, Legends Entertainment, the Chickasaw Nation, and Saratoga Casino Holdings in Brooklyn; Freedom Plaza by Soloviev Group, operated by Mohegan Gaming in Manhattan; Metropolitan Park by Steven Cohen, operated by Hard Rock International in Queens; MGM Empire City by MGM Resorts International in Yonkers.

Resorts World New York City by Genting Group in Queens; Sands New York by Las Vegas Sands in Long Island, Nassau County; Saks Fifth Avenue by Hudson’s Bay Company in Manhattan, with the operator to be determined; and Wynn New York City by Related Companies and Oxford Properties Group in Manhattan, operated by Wynn Resorts.

The New York State Gaming Commission (NYSGC) is prepared to follow Governor Hochul’s direction should she approve the expedited legislation.

The proposed key dates in the legislation include official applications due by August 31, 2024, Community Advisory Committee (CAC) consultants to be hired by August 31, 2024, CACs to be established by October 30, 2024, and CACs to vote on casino bids by February 27, 2025.

The Gaming Facility Location Board would then vote on recommendations by December 31, 2025. Board Chair Been also mentioned that the Gaming Facility Location Board might extend their decision on license recipients to March 31, 2026, if necessary.