The New York State Gaming Facility Location Board on December 1, recommended that three applicants receive full casino licenses, advancing the first major casino resort projects ever proposed inside New York City. The recommendation now moves to the New York State Gaming Commission, which is expected to review the board’s decision.
One of the three proposals involves Soo Kim, a Korean American investor from Queens and chair of Bally’s. Kim opened Bally’s Chicago, the first casino in the Chicago region, in 2023. A former Wall Street investor, he founded Standard General, which became the controlling shareholder of Bally’s after acquiring the brand from Caesars Entertainment in 2020. He also led the acquisition of media company Tegna in 2022 for $8.7 billion.
Bally’s has proposed a casino resort at the edge of the Ferry Point Golf Course in the Bronx. The site was formerly known as Trump Links, operated by the Trump Organization, until the city moved to terminate the contract in 2021 under then-mayor Bill de Blasio. The operating rights were later transferred to Bally’s.
Two other proposals are located in Queens. Steve Cohen, the billionaire hedge fund investor and New York Mets owner, partnered with Hard Rock Hotel & Casino to propose a major casino resort in Willetts Point near the Mets’ stadium. Cohen outlined plans for a large entertainment district combining sports venues, hotels, casinos, performance halls, and retail. The area borders communities such as Flushing, home to many Korean American residents.
The third recommendation went to Genting Group, the Malaysia-based operator of Resorts World New York City at the Aqueduct Racetrack. The plan would expand the current slots-only facility into a full casino resort.
If the three projects advance without disruption, New York City would develop its first Las Vegas–style casino resort complexes. The state would also secure $1.5 billion in license fees, with $500 million collected from each operator.
Kathy Hochul said in a statement, “The three approved projects have promised to cover billions of dollars in funding for the Metropolitan Transportation Authority (MTA) and to create tens of thousands of new jobs,” adding, “It is important to make sure those promises are kept.”
BY HANKIL KANG [kang.hankil@koreadaily.com]
