New York Casino Finalists Advance, but Concerns Persist

New York regulators advanced all three downstate casino finalists this week, but the decision came with substantial reservations about the strength and credibility of each proposal. The New York Gaming Facility Location Board (GFLB) voted Monday to move forward Bally’s Bronx, Metropolitan Park, and Resorts World New York City. The approvals allow all three applicants to be considered for licences by the New York State Gaming Commission (NYSGC), which has until 31 December to make the final determination.

While the unanimous vote suggested a smooth path ahead, the board’s 30-page rationale painted a far more cautious picture. The document carried repeated notes of “concern” and “disappointment” and urged both the commission and local officials to enforce commitments around hiring, diversity, and community benefits.

 

• All Three Finalists Advanced, but Approval Isn’t Guaranteed – Bally’s Bronx, Metropolitan Park, and Resorts World NYC were approved to advance by the GFLB, but the NYSGC has final licensing authority and could still reject bids.

• Regulators Raised Major Concerns – The board’s rationale highlighted issues with tax rates, financial transparency, community benefits, hiring pledges, and internal diversity, particularly for Resorts World and Bally’s.

• Financial and Development Risks Differ Across Bids – Resorts World has the most experience but faces transparency and benefit valuation concerns; Bally’s is highly leveraged with limited large-scale development experience; Metropolitan Park/Hard Rock is seen as financially stable with fewer red flags but still faces traffic and benefit uncertainties.

 

Pressure to Award All Three Licences

The rationale indicates the board may have been constrained by broader fiscal expectations. State and local budgets, especially those of the Metropolitan Transportation Authority, have already factored in tax revenue and licensing fees from three new casinos. Advancing all three bids preserves that possibility, but the board made clear that approval to advance is not equivalent to a licence recommendation.

Board consultants projected that the eventual licensees together could generate $5.5bn in gross gaming revenue by 2033, a midpoint between the operators’ own projections. Bally’s estimates fell below the board’s forecast, Metropolitan Park’s was closely aligned, and Resorts World’s exceeded it based on optimistic assumptions about tourism and high-end gamblers. Resorts World entered the process as the perceived frontrunner due to its existing Queens operation and fast timeline for opening a full casino by 2026. Its bid also included the most aggressive tax rates: 56% for slots and 30% for table games, far higher than its competitors.

Those rates were a decisive factor in the board’s decision to advance the proposal. But once other bids became public, Resorts World reportedly asked to lower its rates to match competitors—a request the board called unacceptable. The board also said the operator overstated the number of gaming positions it could support. While the proposal listed 6,000 slots and 780 tables, its floor plans showed capacity for only 4,635 slots and 534 tables. Regulators recommended holding the project to those lower numbers.

Additional concerns centered on community benefits. Resorts World did not provide specific valuations for its pledges, unlike the other applicants. Some commitments hinged on land the company does not control. The board called these benefits “vague” and said they could confuse the public.

Regulators also criticised the operator’s transparency. Resorts World did not fully disclose fines issued against its existing New York properties, though it did reference a $10.5m anti-money-laundering penalty at its Las Vegas site. The board labelled the omissions “concerning”.

Bally’s Bronx: Strong Diversity Commitments

Bally’s bid drew a more favourable tone, with the board highlighting its hiring and diversity pledges as key strengths. The company framed the project as the largest private investment in Bronx history and included a golf-course amenity that regulators said could broaden the proposal’s economic impact.

But Bally’s finances remain a point of uncertainty. The company has relied heavily on debt and sale-leaseback transactions in recent years and has limited experience developing large-scale projects. The board noted that the Bronx casino, at a projected cost of $4bn with $2.3bn in Bally’s equity, would be far larger than any project the operator has executed.

Regulators also questioned the valuation of Bally’s benefits package, saying its estimated $765m impact “may be overstated”. Consultants flagged issues with the proposed parking structure, calling elements of the design “suboptimal” but fixable. The board also criticised the company’s limited disclosure about internal diversity, noting that more than one-third of executive leadership was listed as “non-specified”.

Hard Rock International and Mets owner Steve Cohen’s Metropolitan Park project received the least criticism. The board cited Hard Rock’s strong development record and Cohen’s substantial personal wealth—estimated at $23bn—as indicators of stability. The proposed location adjacent to Citi Field and the Billie Jean King Tennis Center was viewed as an advantage, aligning the casino with an established entertainment district. Recent legal disputes involving the U.S. Tennis Association were resolved before the board issued its decision.

Still, the proposal faced familiar challenges. Regulators questioned whether new traffic and parking plans would adequately replace the existing surface lots at Citi Field. They also discounted certain community benefits, such as affordable housing and the proposed Flushing SkyPark, because they were not backed by firm agreements. The board recommended requiring these projects as licence conditions.

 

The Board views the discussion with the Community Advisory Committee of vague benefits that are extremely conjectural as inappropriately confusing, and urges the Commission and the elected officials involved… to hold Resorts World to the spirit of those benefits regardless of all the contingencies.

 

Next Steps

The NYSGC now holds sole authority to issue licences. While all three proposals have advanced, the board’s rationale suggests that approval is far from assured. Each bid faces significant scrutiny related to financial feasibility, regulatory transparency, and the credibility of community benefits.

The commission must weigh those concerns against the state’s fiscal expectations and the political pressure to secure new revenue sources by the end of the year. If you’d like, I can produce a shorter version, a headline package, or a version tailored for a specific publication.