The New York Gaming Facility Location Board made the obvious choices on Monday, awarding the only three available casino licenses in downstate New York to the three remaining proposals.
The three applicants have one more step before final approval, as each will now submit official applications to the New York State Gaming Commission, which is expected to make decisions on final approvals by the end of the year.
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Assuming the three are approved, Resorts World New York City will use the $500 million license to redevelop its current southeast Queens gaming hub into a full-fledged casino, as will Steve Cohen and Hard Rock’s Metropolitan Park in northeast Queens and Bally‘s in the Bronx.
“From the moment that three downstate casino licenses were authorized in the 2022 State Budget, I have been clear: any approved project must provide real benefits to its community and have sustainable economic plans,” Gov. Kathy Hochul said in a statement. “The three projects approved today promise to unlock billions in funding for the MTA and create tens of thousands of jobs. It is critical that they keep those promises.”
With the exception of MGM Empire City’s application in Yonkers, which was withdrawn, the three remaining proposals were the only ones to pass the gauntlet of the Community Advisory Committees in September.
“After years of community engagement and support, Metropolitan Park is one step closer to becoming a reality,” Karl Rickett, spokesperson for Metropolitan Park, said in a statement. “Following a fair, transparent and rigorous process, the Gaming Facility Location Board has validated the positive economic impact this project will have with billions of dollars in tax revenue, 23,000 union jobs, and over $1 billion in community benefits.”
Despite the support for the proposals, the applicants weren’t without detractors, who made their presence known during the board’s Monday meeting.
Immediately after the board announced its selection of all three proposals, the crowd at the CUNY Graduate Center auditorium at 365 Fifth Avenue erupted in chants of “shame on you, shame on you, shame on you.”
“Using conservative assumptions, the board’s consultants projected incremental annual gaming tax revenue of nearly $1 billion in 2036, totaling approximately $7 billion between 2027 and 2036 plus $1.5 billion in licensing fees, additional state and local taxes, hotel occupancy and others are projected to generate approximately $5.9 billion,” Greg Reimers, one of the board members, explained. ”No alternative scenarios produce comparable revenue or fiscal benefits. Each project proposes to deliver substantial community benefits, including infrastructure and transit improvements.”
The two casino proposals in Queens came with immense support from their communities, as well as elected officials and appointees on their respective Community Advisory Committees when they cast unanimous votes in September.
Mark Hallum can be reached at mhallum@commercialobserver.com.