Big Apple drama in high casinos, featuring Winchell and Runyon

New York Prepares for the Richest Casino Prize

The city that never sleeps is gearing up for a major change, as the race for New York's casino licenses heats up. A total of seven contenders are vying for the coveted licenses, each with ambitious plans to bring casinos to the Big Apple or its suburbs.

Major players like MGM, partnered with the New York Yankees, and Genting, linked to Aqueduct Racetrack, are among the frontrunners. Other proposals include the Metropolitan Park by Hard Rock and the New York Mets' project near Citi Field. Each bid must surpass a minimum financial threshold of $1 billion, a high bar set for serious contenders.

Steve Cohen, owner of the New York Mets, has recently made strides in his Metropolitan Park casino proposal in Queens. He secured legislative approval to use a 50-acre city parkland near Citi Field, clearing a significant legal hurdle and positioning his $8 billion project strongly in the race.

Other contenders include projects in Coney Island and Hudson Yards, each offering unique visions for integrating casinos into New York’s urban fabric. Innovations in casino gaming software and immersive experiences are also key evaluation factors, reflecting a modern approach to casino entertainment.

Each winning bidder will have to pay a $500 million license fee, with additional costs potentially bringing the total cost to over $1 billion. The official bids were submitted at the end of June, with projected costs ranging from $2 billion to $11 billion.

Politicians, regulators, and gaming operators in New Jersey are concerned about the potential loss of tax revenue, and New Jersey is considering allowing casinos to open at Monmouth Park and Meadowlands racetracks to counter the impact of New York casinos.

The evaluation of bids focuses on financial capacity, location benefits, community impact, project innovation, and regulatory compliance. The next step is a review of the applications by Community Advisory Committees for each bid, each consisting of six politically chosen members. If MGM and Genting receive licenses, six other contenders will fight for one remaining license. Gaining public support is considered important in the selection process for the remaining license.

This competition is shaping up to be intense, with each bidder bringing their unique strengths to the table. The Gaming Facility Location Board is expected to make recommendations by December 1, 2025, and the State Gaming Commission aims to award licenses by December 31, 2025, although this could extend into early 2026 if needed. Stay tuned for updates on this exciting race!

Notable withdrawals from the race include Las Vegas Sands, Wynn Resorts, and Saks Fifth Avenue, citing the process as too convoluted, long, and expensive. Additionally, Hard Rock, Caesars, MGM, and Bally's all operate casinos in Atlantic City, raising questions about their potential abandonment of Atlantic City for New York. Genting is planning a $5.5 billion expansion for its Queens property, while MGM's proposed expansion for its Yonkers property is valued at $2.2 billion.

As the race for New York's casino licenses continues, it's clear that the city is on the brink of a major transformation. With each bid offering something unique, it's an exciting time to be a New Yorker following the casino bids closely, similar to their interest in sports teams.

In light of the competitive race for New York's casino licenses, the incorporation of casino-games is expected to become a significant trend in Las Vegas-style casino-culture, as contenders like MGM and Genting present ambitious plans to bring casino-and-gambling experiences to the city. The integration of innovations in casino gaming software and immersive experiences is expected to reflect modern gambling-trends, attracting both local and international clientele.