Three casino proposals in New York receive approval

• Three casino project proposals in New York received recommendations for approval by the state Gaming Facility Board
• The bids that made it are Hard Rock Metropolitan Park, Bally's project in Bronx, as well as Resorts World's proposal in Queens
• Creating thousands of new jobs and generating billions of dollars in fresh tax revenue, the downstate casino projects are expected to boost the state's economy

After a couple of years, New York has made a significant step forward in the process of delivering three new land-based downstate casinos.

Earlier this week, the New York Gaming Facility Board recommended three casino bids for license approval.

Three casino projects are now expecting a final green light

Despite a range of challenges, the New York casino license process has now reached this major milestone and the next step will be known by the end of the month.

Initially, about a dozen gaming and entertainment companies demonstrated interest in securing one out of a total of three downstate casino licenses.

Considering that this was a comprehensive and lengthy process, the number of interested parties has gone down to eight.

In October, Wynn Resorts exited the downtown casino race, while earlier this year, MGM Resorts also confirmed its withdrawal from the race.

As noted, the New York Gaming Facility Board earlier in the week recommended the three remaining casino bids for approval, pushing them forward in the year-long process.

Notably, the bidders that made it almost to the finish line include the proposal backed by Steve Cohen, Hard Rock Metropolitan Park, Bally's Corporation's project at Ferry Point in Bronx, as well as Resorts World's proposal in Queens at the Aqueduct Racetrack.

The bids represent investments of more than $10bn and are expected to generate significant tax revenue

Throughout the process, the state Gaming Facility Board reviewed approximately 120,000 pages of application materials submitted by the bidders.

Following this comprehensive review, the Board identified "that awarding three licenses would best serve the State's long-term economic, fiscal, and community objectives," as explained in a press release.

"The downstate gaming market is among the nation’s strongest, given the area's dense population, high income levels, and tourism volume. The large local population base residing within a two-hour drive of the proposed casino sites is expected to anchor long term visitation, supplemented by domestic and international tourism," the Board further wrote.

The bid supported by Mets owner Steve Cohen, Hard Rock Metropolitan Park, represents a whopping $8bn investment in Queens.

Ultimately, the venue is expected to become a gaming and entertainment location that would also create new jobs.

On the other hand, Bally's proposed hotel and casino project at Ferry Point marks a $4bn investment.

Similar to the other bid, Bally's expects to create thousands of new jobs.

Last but not least, Resorts World's bid in Queens projects the redevelopment of the Aqueduct Racetrack.

Only recently, the globally recognizable company predicted that it would bring significant benefits to the Metropolitan Transportation Authority in the next four years if it obtained one of the three coveted licenses.

Together, the three casino licenses are expected to generate $1.5bn in licensing fees, but in addition, proceeds from tax revenue are expected to surpass $1bn annually.

This will enable New York to benefit from fresh funds while further boosting tourism and tapping into economic benefits.

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