New York City is set for a major entertainment transformation. State officials are preparing to grant several new casino licenses for the downstate area. This has now triggered a fierce competition between the world’s largest developers to build a multi-billion-dollar resort in the city.
This process involves finance, politics, and community input. With 2025 almost on its head, competition for licences rises and subsequent decisions will change parts of the city for the next few decades.
How a Casino Gets Approved in NYC
Opening a casino in New York involves many steps, and it’s not a quick process. In 2013, voters gave the state authorization to permit commercial casinos and the state built four upstate. Meanwhile, the licenses for three more casinos were earmarked for downstate. which includes New York City, Long Island, and Westchester County. After a planned delay, the time has come to award them.
The cost to even be considered is enormous. The winning bidders must pay a nonrefundable licensing fee of at least $500 million each. This substantial figure shows how valuable a New York City-area casino is expected to be. But money isn’t everything. Seeking local approval is the most important step. Each proposal will have a designated Community Advisory Committee made up of appointees of the governor, the mayor, and other local elected officials. Before a state can undertake a casino project, a local committee must approve it by a two-thirds vote. This gives a considerable voice to residents living in the area where the casino is planned.
The Battle: Who Is in the Running?
The competition has revealed huge proposals for resorts that are far more than just casinos. The developers claim they will deliver luxury hotels, concert halls, public parks, and thousands of jobs. Despite that wide range of plans, the core is the collection of casino games designed to attract people from all over the world.
Some of the earliest talking points were Manhattan-based schemes, which included proposals for Times Square and Hudson Yards. But the residents and local leaders opposed these ideas for fear that these would cause a huge volume of traffic and change their neighborhoods for the worse. Eventually, the community backlash proved too strong, and all proposals in Manhattan were turned down.
Now that Manhattan is out of the picture, the race is more likely to shift to the other areas. The Resorts World New York City in Queens and the MGM Empire City Casino in Yonkers are two existing locations that will have an edge.
These “racinos” are bidding for an upgrade to a full casino license and are seen as frontrunners. Other major proposals are still fighting for the third and final license, including a plan for a resort near Citi Field in Queens and another for the famous Coney Island boardwalk in Brooklyn.
What’s at Stake for New York City?
The new casinos will have a huge impact on the city’s budget and its worldwide reputation. There are clear benefits and serious concerns. The potential positives are significant. New York State will receive $1.5 billion immediately from the licensing fees, while the casinos are forecasted to generate hundreds of millions in tax revenue each year to help with funding for schools and public transit. There will be thousands of union jobs created in construction and operations on each project. Keeping the gambling money of New Yorkers in New York rather than seeing it lost to casinos in neighboring states is the aim.
At the same time, there are potential downsides. Residents of the other areas still face the same traffic concerns that sank the bids in Manhattan. Many question how a new resort may impact their already congested streets and subway systems. Local neighborhood groups worry about the social impact of large-scale gambling, as well as the fear that massive casino complexes could overshadow local businesses and change the character of an area.
Final Thoughts
The future of casinos in New York City is taking shape in 2025. The competition for the three valuable licenses is in the final stage. With Manhattan now out of the running, all eyes have turned to Bronx, Queens, Brooklyn, and Yonkers projects – the remaining ones that made it through the political fights and have won the favor of local communities. The state’s final actions at the end of the year will launch a new age of entertainment and economic development, not just laws and regulations. The winning bids will add billions to the local economy, creating thousands of permanent jobs and altering the city’s attraction. These important changes will not only change the skyline, they will also change the communities where they are located for years to come.
