APPROVAL SETS STAGE FOR NEW REVENUE STREAMS, JOB CREATION AND A RESHAPED GAMING MARKET IN NEW YORK
Billionaire Steve Cohen, alongside Bally’s and Resorts World, has secured New York City casino licenses — a development expected to reshape the regional gaming market.
New York City has officially approved casino licenses for billionaire investor Steve Cohen, Bally’s, and Resorts World, marking one of the most significant gaming expansions in the city’s modern history. State regulators finalized the decision after months of deliberation, positioning NYC to become a major East Coast gaming hub.
Cohen, best known as the owner of the New York Mets and a prominent hedge fund manager, is expected to integrate a luxury casino complex into his broader development plans surrounding Citi Field in Queens. The project is projected to generate thousands of jobs, major tax revenue, and year-round economic activity.
Bally’s and Resorts World — both long-standing players in the national gaming industry — will receive their own licenses to operate large-scale casino resorts within the city. Analysts say their entry will intensify competition and accelerate New York’s transition into a top-tier gaming destination similar to Las Vegas and Atlantic City.
Local officials say the licenses could deliver billions in tourism revenue, stimulate local infrastructure growth, and bolster community investment programs. However, critics warn of potential increases in gambling addiction, neighborhood congestion, and long-term economic risks if projected revenue falls short.
The move comes as New York seeks new revenue streams amid rising budget pressures and growing competition from neighboring states. With the approval finalized, construction timelines and detailed development plans are expected to be announced in the coming months.
The new casinos are projected to open between 2027 and 2029, marking a transformative shift in the region’s gaming market.
