long-running effort to expand casino gambling downstate has finally reached a turning point. After more than a decade of discussions, applications, and political back-and-forth, the New York State Gaming Facility Location Board selected Hard Rock, Bally’s, and Resorts World as the winners of the three available downstate casino licenses.
Only eight companies were allowed to compete for the permits, each facing a minimum licensing fee of $500 million and a required capital investment of at least $500 million. Casino expert Robbie Purves noted that interest in the market is unsurprising, as similar options like Spin Palace casino already offer players in the United States access to hundreds of real money games, generous bonuses, and promotional perks, all available to join instantly. That broad appetite for gaming options helps explain why New York’s process drew fierce competition from major operators.
The state formally narrowed the field to three operators in 2025. Combined, the selected projects are projected to generate roughly $5.5 billion in gross gaming revenue once the downstate market fully matures in 2033.
Resorts World received approval to expand its existing video lottery terminal property in Queens into a full commercial casino. The company’s plan includes adding more than 4,500 slot machines and over 500 table games, with an anticipated opening in 2031. Its total capital commitment stands at around $3.3 billion. According to the board, “only 1%” of that investment is earmarked for Queens-based businesses, a figure regulators want to see improved.
The proposal includes a new hotel, a multipurpose arena, and expanded parking facilities. Resorts World has also proposed a slot machine tax rate of 56%, which would be among the highest in the country, along with a 30% tax on table games. After a recent report suggested the operator wanted to negotiate its tax terms, the company publicly denied any plans to lower its rates.
The board also raised questions about the financial structure behind the company’s proposal. Resorts World is relying “heavily on future operating cash flow and future debt financing to fund a substantial portion of development costs.” The company currently has roughly $925 million in committed debt financing for licensing fees and initial spending, and it expects to raise additional debt to complete the transformation of the Queens property.
Bally’s, meanwhile, plans to bring a full-scale casino to the Bronx. The project features 3,500 slot machines, nearly 250 table games, and a 500-room hotel. The company has pledged a $2.3 billion capital investment, with “roughly 75% of the funds” expected to go to Bronx-based firms. Bally’s is also committed to at least $15 million from gross gaming revenue to support a Community Benefits Fund.
The casino is on track for a 2030 opening. Bally’s submitted a proposed tax rate of 30% on slot machines and 10% on table games. Its licensing structure includes an initial 15-year term with a possible 10-year renewal, creating a total potential span of 25 years. Bally’s will also pay the Trump Organization $115 million under a previous agreement that required payment if the company secured a casino license. That deal dates back to when Bally’s purchased the development property from the Trump Organization in 2023.
Hard Rock, teaming with Mets owner Steve Cohen, secured the final downstate license for a casino and entertainment district planned beside Citi Field. The vision includes a casino, two hotel towers, and a major entertainment venue, with a targeted opening in June 2030. Hard Rock has pledged a $5.3 billion capital investment, with 24% going to Queens businesses, and has included $761 million in community benefits as part of the project. Those costs are expected to total approximately $911 million. The company proposed a 25% tax on slots and 10% on table games.
The New York State Gaming Commission is expected to formally approve all three licenses on Dec. 31.
