Jun 28, 2024
New York Casino Licenses Expected to Be Picked by End of 2025
Bloomberg News
,![Chips sit stacked in a game of poker during the 2016 Global Gaming Expo (G2E) at the Las Vegas Sands Corp. Expo and Convention Center in Las Vegas, Nevada, U.S., on Tuesday, Sept. 27, 2016. The G2E is an international gaming trade show that gives a looking into the casino, hospitality, and food and beverage industry. Photographer: Jacob Kepler/Bloomberg, Bloomberg Chips sit stacked in a game of poker during the 2016 Global Gaming Expo (G2E) at the Las Vegas Sands Corp. Expo and Convention Center in Las Vegas, Nevada, U.S., on Tuesday, Sept. 27, 2016. The G2E is an international gaming trade show that gives a looking into the casino, hospitality, and food and beverage industry. Photographer: Jacob Kepler/Bloomberg](/polopoly_fs/1.2090879.1719599183!/fileimage/httpImage/image.jpg_gen/derivatives/landscape_620/chips-sit-stacked-in-a-game-of-poker-during-the-2016-global-gaming-expo-g2e-at-the-las-vegas-sands-corp-expo-and-convention-center-in-las-vegas-nevada-u-s-on-tuesday-sept-27-2016-the-g2e-is-an-international-gaming-trade-show-that-gives-a-looking-into-the-casino-hospitality-and-food-and-beverage-industry-photographer-jacob-kepler-bloomberg.jpg)
(Bloomberg) -- The New York State Gaming Facility Location Board said it expects to determine the winners of casino licenses in New York City and its surrounding suburbs by the end of 2025, according to a statement Friday.
Applications for the coveted licenses will be due by June 27, 2025, the board said. Nearly a dozen applicants are vying for up to three available licenses to build full-scale casinos in New York City, Long Island and Westchester. The board will make a decision by Dec. 1 of next year, and license the projects by Dec. 31.
The timeline sets the clock for potential applicants including billionaire and Mets owner Steve Cohen to obtain necessary legislative approvals needed for his plan to build an $8 billion casino and entertainment complex next to Citi Field, in Queens. Plans by the hedge fund manager were dealt a blow last month after a local lawmaker said she wouldn’t introduce legislation needed to move the project forward. Other potential bidders include Las Vegas Sands Corp. and Wynn Resorts Ltd.
“This roadmap also gives communities ample opportunity to have their voices heard, establishes a level playing field among multiple competitors, and affords serious applicants the opportunity to participate in a lucrative and transformational process,” board chair Vicki Been said in the statement.
Applicants will have to complete an environmental review and all entitlement processes, which are sure to change “significant components of a proposal,” the board said.
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