Don’t bet on Big Apple casinos opening anytime soon.
State regulators have announced that they will not decide on new casino licenses in the New York City area until the end of 2025, a delay that critics argue will harm the local economy.
Difficult measures could mean gaming facilities won’t open in major metropolitan areas until 2026 at the earliest.
“It’s ridiculous that it’s going to take three years to put shovels in the ground,” Queens Borough President Donovan Richards said at a public meeting Monday, referring to the timeline set by the state Gaming Commission.
He added that the city could use the jobs associated with the license to help accelerate post-COVID-19 recovery.
“We’re trying to rebuild the New York economy. People want good jobs and upward mobility. I hope they have a change of heart.”
Talks about awarding up to three casino licenses in the lower region have been going on for three years now.
Those in the gaming industry were left perplexed by this move.
“People are shaking their heads. What’s taking so long?” said one casino bidder official. “There doesn’t seem to be any urgency.”
By comparison, state cannabis regulators issued 89 licenses to cannabis dispensaries during roughly the same period.
But Gaming Commission Executive Director Robert Williams said that schedule is “ahead of schedule” because Gov. Kathy Hochul and the state Legislature don’t expect casino revenue to fund the MTA until 2026. He claimed that.
The successful bidder must pay an upfront license fee of $500 million for the privilege of operating the casino.
Williams noted that the City Council has not yet approved zoning amendments that would make it easier for casinos to be located in the five boroughs.
Proposed casinos: Related Companies and Wynn’s proposal for Hudson Yards, Mets owner Steve Cohen’s bid by Citi Field, So Equities consortium in Coney Island, and Bally’s at Ferry Point in the Bronx. — must first be approved under the city’s long-standing uniform bill. Regarding land use review procedures, the committee said.
“Unofficially, I [land use] This process will continue until the second quarter of 2025,” Williams said.
He said bidders must undergo a separate state environmental review under the state Environmental Quality Review Act.
Cohen and Barry’s proposal would also need approval from the state Legislature to rezone the land from parkland to commercial use.
Those reviews will not be completed until early 2025, Williams said.
The Regional Advisory Board will then vote to support or reject the casino by late summer 2025, allowing the state to collect license fees “nearly a year in advance” of filing deadlines with the state and MTA. Williams said.
Affiliated companies and Wynn Resorts
The commission, created under the law, is made up of mayors, borough presidents, and local state and city councilors representing the areas where the casino is proposed.
Resorts World’s Slots Parlor at Aqueduct Racetrack and MGM Slots Parlor at Yonkers Raceway have the infrastructure in place to more easily build and offer card table games in 2026, once licensed.
However, other bidders would have to build new casino facilities from scratch, and industry sources estimate that their doors would likely not open until 2027 or later.
