A trio of casinos are on the way to the Big Apple.
Billionaire Steve Cohen, the Genting Group, and Bailey’s Corporation officially sanctioned the only open house gambling house in New York City. According to Bloomberg, today’s decision by the state gambling commission means the group will be the first legally operated casino in Manhattan in modern times.
Cohen, a hedge funder who also owns the New York Mets, presented his $8.1 billion bid for what will be called Metropolitan Park near Citi Field in Queens in 2023. In addition to the casino, there will also be athletic fields, a renovated mass transit station, a food hall, and a 25-acre public park. Cohen is working with Hard Rock International on the project, which is forecast to bring in $3.9 billion in revenue by its third year. The park is expected to open in 2030.
“From 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 will be able to deliver the sports and entertainment district that our fans have been asking for.”
Meanwhile, Bailey is pouring $4 billion into his project in the Bronx, which includes a hotel, events center, and golf course. Also set to open in 2023, the new casino is expected to bring in $200 million in taxes as well as $1 billion in revenue. Last but not least, Genting is expanding its existing base in Queens. The group will expand its Resorts World casino, located along the Aqueduct racetrack, to $7.5 billion. Those funds will build a 1,600-room hotel, an arena, and several restaurants and bars.
The move to bring a casino to New York has been quite the process, with many parties looking to get a project off the ground. That includes Jay-Z, whose ROC Nation wants to open its own gambling parlor in Times Square. With the approval of the latest three, state officials are expected to generate $5.5 billion in revenue by 2033, as well as $7 billion in tax dollars from 2027 to 2036. Empire State also predicts it will raise another $1.5 billion in licensing fees from projects and $9.9 billion from other levies, according to Bloomberg. And, for at least their first five years of operation, each casino will be monitored by independent organizations to ensure it adheres to local, state and federal regulations.
