New York City is finally getting its casinos. After years of proposals, community battles, and high-profile dropouts, the state's gaming board just approved three finalists that will bring billions in tax revenue and transform parts of Queens and the Bronx into full-scale entertainment destinations.

The decision clears the way for a casino at Ferry Point golf course in the Bronx and two Queens locations—one near Aqueduct Racetrack and another adjacent to Citi Field, home of the New York Mets. Each winner will pay a $500 million license fee upfront, and the state's gaming commission still needs to give final approval before year-end.

Who's Building What

The three approved proposals cover a wide geographic and financial spectrum. In the Bronx, Bally's Corp (BALY) plans a $4 billion casino complex on the practice greens and parking lots of the Ferry Point golf course. That property has an interesting backstory—The Trump Organization previously held the lease for the golf course, and under the terms of Bally's takeover, the casino company will pay Trump's organization $115 million if it secures the final license.

Over in Queens, Genting Group's Resorts World is expanding its existing operation next to Aqueduct Racetrack. The third location, also in Queens, might be the flashiest of the bunch: an $8.1 billion Hard Rock casino near Citi Field backed by Mets owner Steve Cohen. That project includes a 1,000-room hotel and a 5,000-seat music venue, transforming the area around the ballpark into a year-round entertainment hub.

The Billionaire Hedge Fund Manager Moves In

Cohen's involvement adds another dimension to New York's casino expansion. The Point72 Asset Management founder is worth $17.4 billion according to Bloomberg, and retail investors might remember his firm's role in the 2021 GameStop short squeeze saga. Now he's placing a massive bet on hospitality and gaming, leveraging his ownership of the Mets and the surrounding real estate to build what could become one of the country's premier casino destinations.

The new casino locations aren't just about gaming floors. Each proposal includes hotels, restaurants, and music venues designed to compete with entertainment options across the country. For New York, which legalized online sports betting back in January 2022, these casinos represent the next phase of the state's embrace of legalized gambling.

The Surprising Dropouts

What makes this outcome particularly interesting is who's not at the table. More than 10 proposals were floated initially, including bids from some of the biggest names in the casino industry. MGM Resorts International (MGM), once considered a frontrunner, dropped out in October 2025. Las Vegas Sands Corp (LVS) exited in April 2025, and Wynn Resorts Ltd (WYNN) pulled its bid in May 2025.

The departures of these casino giants cleared the field for a less crowded but still highly competitive race. Several proposals targeting Manhattan locations faced fierce community opposition and were either rejected or withdrawn before reaching the finalist stage. Turns out, getting New Yorkers to agree on anything—even lucrative casino developments—remains as challenging as ever.

What Happens Next

Monday's approval moves these three finalists to the final stages of a multi-year process to bring casinos to the most populous city in the United States. The state gaming commission's vote before the end of the year will determine whether all three projects move forward or if any face last-minute obstacles.

For Bally's, a publicly traded casino operator, the Ferry Point location represents a significant expansion opportunity in one of the country's most important markets. The company's stock could see movement as the final approval process plays out and construction timelines become clearer.

The Trump Organization's $115 million payday from the Ferry Point lease buyout adds another layer to the story, turning a former golf course deal into an unexpected casino windfall. Meanwhile, Cohen's Hard Rock partnership positions the billionaire investor in yet another high-profile New York venture, this one far removed from hedge funds and baseball operations.

After years of debate, proposals, and political wrangling, New York City's casino landscape is finally taking shape. Residents and tourists alike will soon have three new options for gaming, dining, and entertainment—assuming the final approvals come through as expected.