Bidding open for up to three $500M NYC casino licenses

ALBANY — Place your bets.

The bidding process for three Vegas-style downstate casino licenses is moving forward after state officials voted late Tuesday to formally solicit applications with an asking price of at least $500 million each.

The state Gaming Facility Location Board approved rules and released a request for applications as a number of major players eye opening full-scale gambling parlors in or near New York City.

Applications, which carry a $1 million fee, will be reviewed by the board and a variety of factors including economic impacts, job creation, anticipated revenue and a commitment to work with minority and women-owned contractors, will be weighed.

A community advisory committee made up of local stakeholders must also give each application the go-ahead.

Sen. Joe Addabbo (D-Queens), chairman of the chamber’s gaming committee, applauded the board for moving forward.

“The quicker the three licenses are approved, the quicker we can begin to realize the major benefits to the state, such as thousands of construction and post-construction jobs, billions in revenue from the licenses, an increase in problem gambling monies and programs, as well as billions more in educational funding when the winning casinos go live,” he said in a statement.

As part of the state budget last year, Gov. Hochul and lawmakers agreed to fast-track the approval process for downstate casinos, which will be allowed to offer table games like poker and blackjack in addition to slots and video terminals.

Two existing “racinos,” Resorts World Casino in Queens and the Empire City Casino in Westchester County, are preparing to apply for the full licenses and are considered frontrunners in the competition.

Both locations are currently only allowed to offer video terminals and racing betting.

Myriad other groups have proposed building casinos at several other sites, including Hudson Yards and Times Square in Manhattan, Willets Point in Queens, and Brooklyn’s Coney Island.

Despite concerns from critics who say casinos could have a negative impact, Mayor Adams last year enthusiastically endorsed the idea of opening a legal betting parlor in the five boroughs, saying it would “help boost our economy and tourism.”

Among the groups hoping to win over officials is a partnership between Thor Equities, Saratoga Casino Holdings, The Chickasaw Nation and Yankees-owned Legends, which plans to submit a comprehensive casino, hotel, and entertainment proposal for Coney Island.

“For more than a generation, Coney Island has been waiting for a year-round economy that creates not just jobs — but careers,” the group said in a joint statement earlier this week. “Our partnership is unique, combining unrivaled gaming expertise, an unsurpassed track record in entertainment, and a commitment to serving the local community like no other.”

Meanwhile, Mets owner Steve Cohen is betting big on bringing gambling to Queens as development ramps up near Citi Field and a new soccer stadium is already in the works.

SL Green and Caesars Entertainment announced last month they have partnered with Jay-Z’s Roc Nation as they pursue a license for “Caesars Palace Times Square,” a proposed casino that would be located in a 54-story office tower at 1515 Broadway.

The plan would include converting much of the commercial tower into a hotel, along with entertainment space, a wellness center and restaurants, in addition to the casino.

Last year, Wynn Resorts announced a partnership with New York-based Related Companies interested in seeking a gaming license for the Hudson Yards area on Manhattan’s West Side near the Javits Convention Center.

The competition could send the cost of obtaining a license soaring since applicants may propose to pay a higher license fee, according to the rules approved by the Gaming Facility Location Board.