New York Casino License Update
David Bussey, CFA - Senior Analyst, Leisure, CreditSights
Kyle Morgan - Associate Analyst, CreditSights
9 July 2025
Insights into the New York casino license update as top operators vie for three downstate licenses—reshaping gaming revenues, job growth, and local development.
- Downstate New York Casino License Bidding: Get the latest on the eight applicants vying for three coveted downstate New York casino licenses, including MGM, Resorts World, Caesars, and Bally’s.
- Revenue and Economic Impact Analysis: Explore projected revenues, capital investment requirements, and job creation estimates across all proposed casino projects.
- Community Advisory Committee Process: Learn how local support and community review will shape the final selection of New York’s new casino licensees.
- Front-Runners and Competitive Landscape: Explore the strengths and challenges facing each New York casino license applicant, including project highlights, local support, and competition for the limited licenses.
- Timeline and Selection Criteria: Understand key deadlines, decision criteria, and what to expect as New York moves toward awarding licenses by the end of 2025.
Executive Summary
- The New York Gaming Facility Location Board received eight request for applications for the three available downstate New York commercial gaming licenses. The applicants included well-established casino operators (MGM, Resorts World, Caesars, and Bally’s), partnerships led by real estate developers, and Steve Cohen.
- New York City represents one of the most notable greenfield opportunities in the U.S. casino market. Across the eight proposed projects, stabilized annual revenues are expected in the range of >$1 bn to $3.9 bn.
- The process now moves to the respective Community Advisory Committees, who will gauge, evaluate, and issue a finding on whether there is adequate local support for each project. From there, the Gaming Facility Location Board will decide / award licenses (expected by YE25).
- We highlight and summarize key features of each proposal.
The Gaming Facility Location Board (GFLB) of New York recently received eight request for applications for the three available New York gaming facility licenses. Notably, the applicants did not include Las Vegas Sands or Wynn Resorts — who recently dropped out from the bidding war. The process now moves to the Community Advisory Committee (CAC). Applicants must complete all entitlement processes (i.e. land-use / zoning, environmental quality review, etc.) before September 30th. The respective CAC will then review and vote on the projects by September 30th. Following CAC approvals (two-thirds majority), applicants will then submit supplemental application materials (including a proposed tax rate) to the GFLB for further consideration. At a minimum there will be a 25% tax for slot GGR and 10% from all other sources. The GFLB expects to decide by December 1st and licenses are expected to be awarded by YE25.
Evaluation and selection will be largely based on the revenue impact from each applicant (on both existing and potential new facilities).
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