New York City Lands 3 Las Vegas-Style Casinos in Major Gaming Market Shift

The New York State Gaming Commission on Monday awarded licenses to three companies to operate Las Vegas-style resort casinos in the city, marking a significant shift in the metropolitan-area gaming market. The commission approved the licenses with conditions, including the appointment of outside monitors to ensure the companies meet their financial and legal obligations. The three licensed operators will invest a combined $5 billion in the projects, creating over 10,000 jobs and generating an estimated $1.5 billion in annual gaming revenue. The companies, which include a joint venture between MGM Resorts and Hard Rock International, a subsidiary of Vici Properties, and a partnership between Bally's Corporation and Cityview, will operate at the New York Mets ballpark in Queens, a former golf course in the Bronx, and a slot parlor on a horse racing track near John F. Kennedy International Airport. The gaming revenue is expected to be split among the state, with an estimated $800 million in annual tax revenue. The state will also receive a 10% share of the gaming revenue, which is projected to reach $150 million annually. The companies will also be required to invest in local communities, with a minimum of $100 million in infrastructure improvements and community development projects. The licensing decision marks a significant expansion of the gaming industry in New York City, which has been a lucrative market for casinos in neighboring states. The three licensed operators will compete with existing casinos in nearby states, including New Jersey and Connecticut, which have been attracting visitors from New York City. The companies involved in the projects have a strong track record in the gaming industry. MGM Resorts and Hard Rock International have a combined portfolio of over 50 casinos worldwide, while Bally's Corporation has a history of operating successful casinos in the United States. Vici Properties, the parent company of the Hard Rock International subsidiary, has a portfolio of over 20 casinos and resorts. The future outlook for the gaming industry in New York City is promising, with the three licensed operators expected to generate significant revenue and create thousands of jobs. The industry is expected to continue to grow, with the state Gaming Commission planning to award additional licenses in the coming years. The licensing decision is a significant step forward for the gaming industry in New York City, and it is expected to have a lasting impact on the local economy.