NYC Casino Race: Bally’s, Hard Rock & Genting Reach Final Round

Bally’s, Hard Rock and Genting Group now have just one more round to complete in their bids to launch downstate NYC landbased casinos. All three finalists were given the green light by the New York Casino Board, in a meeting that was wrapped up in under 10 minutes. There are three tenders to be reviewed and three licenses up for grabs, so it looks good for Bally’s, Hard Rock and Genting Group. However, the next stage is the real decider. Now, the three have to take their applications to the New York State Gaming Commission and work out all the meticulous details regarding taxation, job creation, public benefits, and why each project is worthy of a highly desired spot in downtown New York City.

But it is not going to be all plain sailing. Of the 11 applicants at the start of the year, many dropped out citing high costs, unfavorable revenue potential, and clashes with local committees and communities. The voices of the people could also be heard right up to before the meeting started, with crowds chanting “Shame On You” before they were dispersed and removed. This is going to be a decisive month for New York City.

All 3 Applicants Approved for Final Round

The December 1 meeting of the NYC Gaming Facility Location Board was short and to the point. The board all voted in favor of the three remaining applicants to move forward, having met the board’s standards with their proposals. This phase was one of the trickiest up to this point, even after winning over the local committees, or CAC, in votes. The applicants had to make zoning plans, provide the land use entitlements and gain the necessary municipal permissions for their ambitions.

But perhaps the most important aspect was creating a formal financial commitment and paying a reported $1 million application fee. The fiscal study had to include detailed financial models, proposed tax rate scenarios for the gaming revenue, evidence of capital to build and operate the facility, and the local benefits.

Bally’s arguably has the easiest job among the three applicants, as they have the smallest bid and will convert a part of the Ferry Point golf course into a casino resort. Resorts World New York City by Genting Group is more ambitious, with plans to expand an existing facility and create a larger resort than Bally’s. But Hard Rock’s Metropolitan Park is by far the most eye catching of the three, with massive investment, infrastructural demands and long term project management to reshape a part of Queens into a major entertainment district.

NSYGC Permission Required Next

The New York State Gaming Commission, or NYSGC, is the state authority on all legal gambling activity in New York. They regulate everything including the commercial casinos, tribal gaming venues, lotteries, horse racing, charitable games, and licensing landbased casinos. While the state has legal sports betting, legalized back in 2019, it has not yet legalized online casinos. A proposal was made just this year to pass online casino legislation, but it did not gain momentum.

The NYSGC will have the final say on which proposed NYC downstate casinos will get the go ahead, and it has to ensure that all parties meet the requirements of the state. These include:

• Financial stability
• Transparent compliance and integrity record
• Delivers on job creation, local benefits and tax contributions
• Meets the state’s standards for responsible gambling, security and operations

The GFLB basically chooses the finalists, and it is up to the NYSGC whether or not they can begin breaking ground and launch their landbased casinos.

What is Needed For the Deadline

Bally’s, Hard Rock and Genting Group now have to deliver a final compliant license application packet by the December 31 deadline. That means full financial documents such as letters of credit, construction and operating budgets, proof of funding including equity and any debt, and full transparency on the financial partners and investors involved. They have to have host community agreements with all related parties, from the community boards and local municipalities to the neighboring stakeholders.

These landbased casinos must give back to the community with public benefits and tax contribution plans. That means job creation, tourism impact, local community benefits, and expected tax revenue models for the state. As soon as the NYSGC receives the final application packages, it can approve the licenses anytime in early 2026.

Market Risks and Hurdles

When there were 11 parties in the race for the NYC downstate casino licenses, there was no question about New York City’s potential for gaming. It has a massive untapped tourist market, has over 8 million residents (20 million greater metropolitan area), and New Yorkers like a good gamble. That much is evident from the popularity of nearby gaming destinations such as the casinos in Atlantic City, New Jersey, the many tribal casinos in Connecticut and the Pennsylvania casinos. New York attracts over 60 million tourists every year. An integrated casino resort with hotels, live entertainment, retail outlets, dining experiences and nightlife would mix in well with the atmosphere.

However, the state requires some unprecedented capital demands. These license fees cost a minimum of $500 million, they require billions of dollars in construction, public benefit contributions and tremendous urban infrastructural upgrades. We haven’t even brought up the community opposition either, which has been fierce in the preceding months. Projects like Coney Island (Thor Equities), Times Square (SL Green + Jay-Z + Caesars), and Nassau County (Las Vegas Sands) faced massive backlash from the local communities.

The costs were also extremely high, causing MGM Resorts to reconsider its application and withdraw. CEO Bill Hornbuckle suggested at the BofA Conference earlier in the year that the length of the license is determined by how much the operators spend on the construction. And then, there are no guarantees that these projects will hit the ground running.

While the market is untapped for landbased casinos, that doesn’t mean New Yorkers will necessarily flock to the downstate casinos. The operators may also struggle to break NYC’s tourist market, which, while untapped, is not accustomed to the city as a gambling center.

Entertainment, cultural and a financial center, yes, but can New York add Vegas-style luxury gambling to its offering?

What the Players Are Up to Outside the Race

Outside New York, Genting Group, Hard Rock and Bally’s are all pursuing other major projects in their broader strategies. Bally’s is focused on America, advancing on a Chicago permanent casino whilst managing the expansions on its prestigious US casino resorts in Rhode Island and Las Vegas. Genting Group, through its international Resorts World properties, is investing heavily in Singapore and Malaysia. It has also broadened its casino offerings on cruise lines, gaining territory in a fairly niche, yet competitive market.

Hard Rock’s expansion projects have perhaps been the most notable of the three. It recently opened a Hard Rock Casino in California, Hard Rock Casino Tejon. Hard Rock is also opening a casino in Kenosha, Wisconsin. The flagship project is opening the Hard Rock Las Vegas, after taking over the famous Mirage casino resort, and will put Hard Rock right in the heart of the Las Vegas Strip. Going abroad, Hard Rock is also constructing a casino in Athens, Greece, aiming to expand its international portfolio.

Final Deadline for NYC Downstate Casinos

The New York Casino will be a crown jewel for all three operators, for its prestige and great visibility. All three applicants have proven they have the budget and the vision, and now it is time to assemble the paperwork for the final round.

December 13 is the deadline for submitting the fully compliant packages, and we will get the results by the first quarter of 2026. The final phase will determine whether these proposals can satisfy the state’s strict requirements while overcoming all the lingering concerns around costs, community impact and long term viability. New York City’s long anticipated casino era may become a reality in the next few weeks, and it promises to be a historic moment for the state.