A trio of casinos is on the way to the Big Apple.
Billionaire Steve Cohen, Genting Group, and Bally’s Corp. just snagged formal approval to each open a gambling house in New York City. The state Gambling Commission’s decision today means that the group will be the first casinos operated legally in Manhattan in the modern era, Bloomberg reported.
Cohen, a hedge funder that is also the owner of the New York Mets, submitted his $8.1 billion bid to build what will be called Metropolitan Park near Citi Field in Queens back in 2023. In addition to the casino, there will also be athletic fields, a renovated mass-transit station, a food hall, and 25 acres of public park space. Cohen is teaming up with Hard Rock International on the project, which is predicted to rake in $3.9 billion in revenue by its third year; the park is expected to open in 2030.
“Since the day I bought the team, the community and Mets fans have made it clear to me that we can and should do better with the area around the ballpark,” the billionaire said in a statement. “Now, we are going to be able to deliver the sports and entertainment district that our fans have been asking for.”
Bally’s, meanwhile, is pouring $4 billion into its project in the Bronx, which includes a hotel, an events center, and a golf course. Also set to open in 2023, the new casino is expected to bring in $1 billion in revenue, alongside $200 million in taxes. Last but not least, Genting is growing its existing base in Queens. The group will expand its Resorts World casino, located next to the Aqueduct racetrack, to the tune of $7.5 billion. Those funds will build a 1,600-room hotel, an arena, and a slew of restaurants and bars.
The move to bring casinos to N.Y.C. has been quite the process, with many parties vying to get a project off the ground—including Jay-Z, whose Roc Nation wanted to open its own gambling parlor in Times Square. With the approval of the latest trio, state officials expect them to generate $5.5 billion in revenue by 2033, as well as $7 billion in tax dollars from 2027 to 2036. The Empire State also predicts it will net another $1.5 billion in licensing fees and $5.9 billion from other levies from the projects, according to Bloomberg. And, for at least their first five years of operation, each casino will be overseen by independent organizations to ensure it is following local, state, and federal regulations.
