Residents and tourists to New York City could soon have three casinos to visit. The new casinos would add to the state's increased interest in casinos and sports betting, which includes the launch of online sports betting in the state back in January 2022.
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New York Gaming Approves 3 Casinos
The New York Gaming Facility Location Board approved licenses to three finalists for casinos in New York City, which could put the spotlight on at least one casino stock and also bring a payment to The Trump Organization.
The gaming board approved all three finalists for casinos set to be built in New York City that will bring billions of dollars in tax revenue to the state, along with new jobs.
The future casino locations will see two built in Queens and one in the Bronx, as reported by the New York Post.
- Bronx: Casino at the Ferry Point golf course in the Bronx from Bally's Corp (NYSE:BALY)
- Queens: Genting Group Resorts World's expansion next to Aqueduct Racetrack
- Queens: Gaming complex from Hard Rock and New York Mets owner Steve Cohen to be built near Citi Field (home of the Mets)
Winning bidders will pay a $500 million license fee up front. The state's gaming commission still needs to vote on the proposed locations before the end of the year.
The new casino locations will include music venues, hotels and restaurants alongside gaming operations.
Bally's, which is publicly traded, could be one of the big winners from the new casinos in New York City. The company's proposed casino is on the Ferry Point property, which houses a golf course with the lease previously owned by The Trump Organization.
The $4 billion Bally's casino will be built on the practice greens of the golf course and parking lots.
Under the terms of Bally's acquiring the lease for the Ferry Point, the casino company will pay The Trump Organization $115 million if it wins the rights for a casino at the location.
Cohen, who is worth $17.4 billion according to Bloomberg, could emerge as another winner thanks to his new $8.1 billion proposed Hard Rock casino near CitiField. The casino would also include a 1,000 room hotel and 5,000 seat music venue according to ABC.
Along with owning the Mets, Cohen is the founder of the Point72 Asset Management hedge fund, a company known to retail investors for its past involvement in the GameStop short squeeze of 2021.
Read Also: Steven Cohen Doubles The S&P 500 — And His Next Bet’s All Gut
Top Casino Companies Dropped Out Previously
Monday's decision saw all three finalists approved by the gaming board. Months ago, the list of New York City casino proposals was more than 10 locations.
Top casino companies like MGM Resorts International (NYSE:MGM), Las Vegas Sands Corp (NYSE:LVS) and Wynn Resorts Ltd (NASDAQ:WYNN) dropped their bids for a casino in New York City in October 2025, April 2025 and May 2025 respectively.
MGM Resorts was previously considered a frontrunner for a license before its surprising dropout.
Some of the previous casino proposals that included locations in Manhattan received community opposition and were rejected or withdrawn prior to the three finalists.
Monday's decision for the three finalists to advance to the final stages of approval could come close to ending a multi-year battle for the rights to highly coveted casinos in New York City, the most populous city in the U.S.
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