Genting, MGM Seen as Leaders for New York Casino Licenses

Posted on: February 10, 2025, 03:07h. 

Last updated on: February 10, 2025, 03:07h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Empire City, Resorts World viewed as leaders in New York City casino competition.
  • Sands bid strong, but water usage could be red flag.
  • Times Square casino proposal also seen as viable.

Gaming venues operated by Genting and MGM Resorts International are considered to be among the leading contenders to procure two of the three New York City-area casino licenses regulators in the state could award later this year.

New York Casinos
Resorts World New York (left) and Empire City. The pair are viewed as leaders for New York City casino licenses. (Images: Resorts World/MGM Empire City)

That’s the take of City & State New York, which recently analyzed the 10 bids for downstate casino permits. Genting runs Resorts World New York in Jamaica, Queens while MGM operates Empire City Casino in Yonkers. The two slots-only properties are established venues in the Big Apple gaming landscape and have been significant moneymakers for the state.

Empire City Casino is another likely favorite to receive a full casino license, since it has invested $1 billion in the property (previous investment is a factor that the Gaming Facility Location Board can consider) and built up goodwill among Westchester business leaders,” reports City & State New York.

In addition to established ties to their respective communities and track records of generating substantial tax revenue for the state, Genting and MGM could succeed in winning New York City casino permits because there’s limited opposition to those bids. In fact, Resorts World New York faces no notable opposition in its quest to convert to a Las Vegas-style casino while only the Hyatt Association of Southeast Yonkers is vocally opposed to Empire City becoming a traditional gaming property.

Last month, the New York State Gaming Commission (NYSGC) added two new members to the New York Gaming Facility Location Board. The board is tasked with making recommendations on location suitability to the commission, but the NYSGC has the ultimate say as to which parties will land the three downstate licenses.

Caesars, Sands Bids Considered Competitive

Nearly all of the other casino proposals face some form of dissent and that’s true of the Times Square and Las Vegas Sands’ pitch to bring a gaming venue to the site of Nassau Coliseum in Uniondale. There’s also robust support for both efforts.

Caesars Entertainment, Jay-Z’s Roc Nation entertainment agency, and real estate developer SL Green are teaming up on the Times Square plan. Opposition exists in the form of theater groups and small business owners in the area that argue a gaming venue would keep guests inside betting – not venturing out into the neighborhood to eat dinner or see shows.

On the other hand, Times Square businesses and theater coalitions support the casino plan and it’s found allies with some real estate firms as well. Regulators could also view the proposal favorably because the gaming space would be small and it won’t require construction of a new building.

On Long Island, the Sands pitch is the only one that has received official political support for its land use application and the legislature there broadly endorses the integrated resort idea. Opposition exists courtesy of Hofstra University and citizen activist groups concerned about the environmental and traffic implications associated with a casino hotel.

“Traffic and parking could overwhelm local roads, which worries residents. Civic leaders are also concerned about the resort’s reported daily usage of 750,000 gallons of water,” according to City & State.

Land Use Issues Loom Large

Sands’ land use agreement is a significant step because property classification issues could potentially stunt at least two other New York City casino bids — Bally’s in the Bronx and Metropolitan Park in Queens.

The latter is an $8 billion pitch courtesy of New York Mets owner Steve Cohen and Hard Rock International and it needs the support of State Sen. Jessica Ramos (D-Queens), or another lawmaker, to strip Willets Point of its parkland classification.

Bally’s faces a similar quagmire at Ferry Point in the Bronx where state politicians representing the area aren’t eager to remove the property’s parkland status. The operator’s bid could have some momentum because the gaming company removed President Trump’s surname from the golf course it now runs — a move that be looked upon favorably by local lawmakers, notes City & State.