The state regulators that authorised the two casinos in Queens and one in the Bronx gave the New York casino finalists early Christmas gifts.

The race for a casino in downstate New York is over after years of lobbying, millions of dollars spent, and many ups and downs. On Monday, the New York State Gaming Commission overwhelmingly authorised commercial licenses for Bally's Bronx, Resorts World NYC, and Metropolitan Park.

The $500 million licenses came with one important condition: the people who got them had to sign contracts with other people to keep an eye on and enforce all the community benefits that each promised during the process. These contracts must last at least five years from the date of licensing, and applicants must give quarterly updates on their progress.

The Gaming Facility Location Board (GFLB) had recommended all three finalists on December 1, therefore this condition is in keeping with their advice. Before that decision, the applicants' Community Advisory Committees had likewise highlighted how important it was to make community agreements official.

In the end, the three victors beat off a field of up to 11 possible applications. Four bidders—Hudson's Bay Co., Las Vegas Sands, Wynn Resorts, and MGM Resorts—pulled out on their own, while the other four were cut at the community advisory stage.

Brian O'Dwyer, chairman of the NYSGC, said, "Congratulations on behalf of the state of New York to all three who have been given this conditional licence." "We can't wait to see the jobs, economic growth, infrastructure, and gaming money come to life."

What are the victors of the New York casino going to do?
Bally wants to create a $4 billion all-in-one resort on a golf course it owns in the Bronx. Along with the costs of getting a licence and building the course, the corporation now owes the Trump Organization, the facility's former owner, an extra $115 million as part of the deal to buy the site.

Metropolitan Park will be a huge $8 billion mixed-use development next to the New York Mets' Citi Field stadium in Queens. Hard Rock International and Mets owner Steve Cohen are working together on it. The project didn't have any problems with politics over rezoning or a last-minute lawsuit from the US Tennis Association.

Resorts World wants to spend $5.5 billion to renovate and expand its existing video lottery terminal facility in Queens. The facility was the most aggressive in its bidding, offering tax rates of 56% for slots and 30% for table games.

Bally's and Metropolitan Park are both set to open in 2030. Resorts World, on the other hand, expects to launch the first phase of its expanded casino in 2026. The operator first planned to debut in July, but when bidding heated up, they moved it forward to March, which was a very tight schedule.

As the process went on, competition became more and more of a worry, especially since two of the three projects are in Queens. All of the bids from Manhattan were dropped, and MGM retracted its offer from Yonkers. This left Queens and the Bronx as the only winners in the downstate race.

Resorts World makes its New York prophecy come true
From the start, Resorts World was ahead of the competition since it had the highest tax rates and the shortest time to market. Its licence was probably the least surprising thing in the field.

Robert DeSalvio, president of Genting Americas East, stated in a statement, "Resorts World New York City thanks the New York State Gaming Commission for today's final approval." "We're excited to open as New York City's first full commercial casino in a few months."

The property will have a big advantage as the first one to move in. If it opens its casino on the date it said it would, it will be the only downstate licensee for at least three full years, and maybe even four.

In the meantime, Genting Bhd, the parent company of Resorts World, has two loose ends to tie up: the $561 million sale of its Resorts World Catskills site to Sullivan County in upstate New York and its efforts to privatise its Genting Malaysia subsidiary. The sale of the Catskills has been pushed out to 2026 while the other procedure goes on.

The main concern about Resorts World's offer for downstate was whether it was a good fit. This year, Resorts World Las Vegas, Genting's Strip casino, was fined $10.5 million for breaking a lot of anti-money laundering rules.

The GFLB was worried that Resorts World didn't tell New York regulators about that event or other fines it had received. The NYSGC said on Monday, nevertheless, that nothing in Resorts World's application or background check stopped them from getting a licence.

Bally's comes out of nowhere to win one for the Bronx.
Resorts World was the most popular choice, but Bally's Bronx was the least popular, making it the biggest surprise of the three victors.

The operator is already working on a number of big projects, including one in New York, one in Chicago, one in Las Vegas, and one throughout the world. The company's $1.8 billion Chicago casino will open next year, and it just got the go-ahead to buy a majority stake in Australian operator Star Entertainment. The idea for a casino complex on the Las Vegas Strip is still in the early stages.

Former New York City Mayor Eric Adams may have helped Bally's New York casino business more than anybody else. Adams helped the project get rezoned by the New York City Council twice. The first time, he lowered the number of votes needed to pass the measure, and the second time, he vetoed another vote. Later, in November, he dropped out of the race for mayor of the city.

The Bronx location is important because if Bally's Bronx is fully developed, it will be the biggest private investment in the borough's history. The company's strong pledges to employment and diversity, especially among local and minority workers, were very important to the state.

Costs will be strictly watched because the corporation has a lot of debt and is heavily leveraged. Gaming and Leisure Properties, its major loan partner, has helped it pay for many deals. The GFLB dubbed Bally's a "non-investment-grade entity," but that didn't stop the commission from supporting it.

Soo Kim, the chairman of Bally's, said in a statement, "Having grown up in the city, it is an honour and privilege to be chosen by the Gaming Commission to get a licence." "Our team has worked closely with local leaders, union partners, and other stakeholders to create a project that will bring real jobs, long-term economic benefits, and a world-class entertainment destination to the Bronx."

Metropolitan Park makes a call and hits a home run.
People have long thought that Metropolitan Park would be a good place for a New York casino licence, just as Resorts World. Its capacity to turn empty parking lots into a year-round place to have fun was a big part of why it was successful.

Steve Cohen, the owner of the Mets and one of the richest men in the world, backed the project, which made it one of the safest in terms of costs. Cohen gives a lot of money to the state's Democratic Party and has known New York Governor Kathy Hochul for a long time.

But local politics almost ruined the $8 billion dream. State Senator Jessica Ramos, whose district covers a much of the site, would not support a bill to change the zoning. Cohen and his team eventually got around this problem by getting Senator John Liu to carry the bill instead. One of the worst things about the licensing process was when Liu and Ramos publicly disagreed about the move.

The US Tennis Association also made things more interesting by filing a last-minute lawsuit about lease responsibilities related to the site. Stakeholders indicated that a new deal with the city stopped this from happening.

Cohen said in a statement, "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." "Now we can give our fans the sports and entertainment district they've been asking for."

Hard Rock International, Cohen's casino partner and owned by the Seminole tribe, has a monopoly on casinos and online sports betting in Florida. They are building a resort on the site of the old Mirage on the Las Vegas Strip, which is set to open in 2027.

In a statement, Hard Rock CEO Jim Allen said, "We're excited to build on our long history of providing world-class entertainment experiences here in Queens."