New York’s casino industry is preparing to undergo a transformation as the state is gearing up to award three new operating licenses for gambling establishments in 2025.
Although new land-based projects are currently dominating gambling headlines, the potential expansion of new casino operators in the online sector is also getting a lot of interest. Mobile sports betting has already generated millions of dollars since its legalization in January 2022, online casinos will further diversify gambling offerings in the state while increasing tax contributions.
This increase in online platforms will offer more convenience for players and also improve New York’s standing as a national entertainment destination.
The upcoming licensing process has resulted in competition among some of the largest names in the gaming and real estate industries, with many proposals currently in the running. According to Robert Willians, executive director of the New York State Gaming Commission, the scale of these projects is unprecedented. “The infrastructure development that’s associated with several of these, we’re talking in multiples of billions of dollars,” he said of the projects wanting approval.
Williams emphasized that the developments are likely to bring economic benefits to the area, including temporary construction jobs, permanent employment, and tax revenue. However, there are also going to be challenges, like traffic management and infrastructure demands.
The licenses will be graded based on several factors, including “the relationships that they have with local communities, with unions, how the different projects integrate into something as simple as traffic and sewer and water, and fire and police protection,” as well as architectural design.
Bids will also be evaluated on their projected economic impact, like the size of the capital investment. Gaming companies must propose their own tax rates, a competitive element of the process that will maximize public benefits.
The timeline for the licensing process is tight and all proposals must be submitted by June 27, 2025. Local advisory committees will approve bids (by a two-thirds majority) by September 30. After that approval, the Gaming Facility Location Board will review and recommend up to three finalists by December 1. Final approval will then be given by the Gaming Commission, with licenses being issued by the end of the year.
Top contenders include Wynn’s proposal to develop a resort and casino at Hudson Yards, with the promise of public spaces and union-backed construction jobs. Caesars Entertainment has partnered with SL Green Realty and Roc Nation with the hopes of bringing a casino to Times Square. Resorts World and MGM are also looking to expand their facilities in Queens and Yonkers respectively, promising luxury accommodation and entertainment venues.
Establishments in Coney Island, Queens, and Nassau County are also being proposed, comprising gaming halls, hotels, and show arenas. As the licensing process continues, many are watching to see which projects will be approved to complement New York’s prominent online gambling industry.
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