July 30, 2025
Quick Take:
- Largest bid with affordable housing units: One proposal includes the largest single private investment at over $11 billion, featuring more than 1,000 housing units, with over 50% designated as affordable.
- Construction jobs skyrocket: Several plans promise a combined tens of thousands of jobs, multi-billion-dollar resorts, and massive entertainment venues, aiming to transform the city’s economic and cultural landscape.
- Huge commercial real estate play: Proposals repurpose vacant offices, racetracks, and parkland—mixing housing, hospitality, and gaming.
The long-anticipated rollout of New York’s downstate casino licenses is entering its final stretch, with bids intensifying and public scrutiny rising. The state is finally poised to grant up to three licenses in the New York City region by December 2025. But before that can happen, each proposal must first pass through a Community Advisory Committee (CAC), made up of local and state appointees.
Each CAC must hold two public hearings and issue a vote by September 30. If no action is taken by the deadline, the bid is automatically rejected. After that, the New York State Gaming Facility Location Board will determine which three (at most) move forward to licensure.
Among the highest-profile proposals is Caesars Palace Times Square, which this week made a splashy presentation backed by none other than Jay-Z’s Roc Nation. Roc Nation and its partners, SL Green and Caesars Entertainment, emphasized their plan’s integration with Times Square’s identity, touting cultural investment and local partnerships.
Other major players, including Resorts World in Queens and MGM in Yonkers, are leveraging speed, scale, and proven operations to make their case. With eight bids on the table and heavyweights lining up millions in commercial real estate (CRE) and celebrity endorsements, the competition is as fierce as the city itself.
What are the 8 Casino Bids in Play?
- Caesars Palace Times Square (Manhattan)
- $5.4B bid to convert 1515 Broadway into an upscale casino
- Led by SL Green, Caesars Entertainment, and Jay-Z’s Roc Nation
- 3,800+ permanent jobs; strong community commitments; pledges 0.5% profit share to affordable housing trust
- Resorts World New York City (Queens)
- $5.5B expansion of existing racino at Aqueduct
- 5.6 million sq. ft., 6,000 slots, 800 table games, 2,000 hotel rooms
- Backed by 24,000 new jobs and $50M innovation campus
- Empire City by MGM Resorts (Yonkers)
- $2.3B expansion of current gaming facility with 5,000-seat entertainment venue
- Redesigned casino floor of over 350,000 square feet plus 5 new dining venues
- New 9,500-square-foot BetMGM sportsbook lounge
- Freedom Plaza by Soloviev Group (Manhattan East Side)
- $11.1 billion project, the largest single investment among the eight casino bids
- Over 1,000 housing units, with more than 50% designated as affordable housing—the highest share among all casino proposals
- A subterranean casino, green space, and two residential towers
- Avenir by Silverstein Properties (Manhattan West Side)
- $7 billion proposal includes 1,000-room luxury hotel, restaurants, and a gaming facility near the Javits Center
- Convert offices into over 2,000 apartments, including 500 permanently affordable units
- Increased affordable housing to 500 on-site units
- Coney Island Casino by Thor Equities (Brooklyn)
- $3.4 billion proposal includes three towers ranging from 153 to 402 feet tall, connected by two pedestrian bridges
- Over 1.3 million square feet with 500-room hotel, 1,500 parking spaces, and a convention center
- 4,000 construction jobs, 4,500 permanent jobs, a $200 million Community Trust, and a $15 million annual fund for emergency service
- Hard Rock at Willets Point (Queens)
- $8 billion proposal by Mets owner Steve Cohen and Hard Rock International near Citi Field
- Includes a Hard Rock casino, hotel, live music venue, and acres of green space
- A third professional stadium, affordable housing, a new school, and double parking capacity
- Bally’s Bronx Proposal (Ferry Point)
- $4 billion proposal features a 3M sq. ft. resort with a 500K sq. ft. gaming floor, 3,500 slot machines, and 250 table games
- Includes a 2,000-seat event center, 4,600 parking spots, 15,000 construction jobs, and 4,000 permanent jobs
- Commits $625M in community benefits: $100M for parks, $75M for transit, and $10M for public safety
How is Commercial Real Estate Affected?
The casino bidding war has opened up a new frontier for commercial real estate in New York. At the heart of several proposals is the reuse or transformation of real estate assets—from vacant offices in Midtown to race tracks and golf courses on the city’s periphery. If even a few of these projects advance, they could reshape entire neighborhoods, unlock billions in new CRE value, and boost adjacent hospitality, retail, and housing sectors.
- Office-to-Casino Conversion
Caesars’ Times Square proposal reflects a bold shift from traditional commercial use to high-traffic entertainment. For Midtown landlords grappling with high vacancy, this model could become a playbook for future adaptive reuse. - Speed Favors Existing Sites
Resorts World and Empire City offer speed to revenue. Their status as existing racinos makes them attractive to the state, and their massive upgrades would supercharge local economies without major zoning battles. - Opposition = CRE Gridlock
Political headwinds, community resistance, and zoning issues have blocked Bally’s Bronx bid and are weighing heavily on several Manhattan proposals. Developers must tread carefully: community goodwill is now a CRE prerequisite. - Neighborhood Revitalization or Disruption?
The stakes are particularly high for culturally dense areas like Times Square. While casino backers promise revitalization, opponents warn of traffic, crime, and displacement. CRE investors are watching to see if casinos become magnets for foot traffic—or flashpoints for backlash.
In short, these casino bids aren’t just gambling on gaming—they’re betting on New York’s commercial real estate future. Whether those bets pay off will come down to a mix of community support, political will, and the state’s appetite for change.
For the latest news, proven strategies, and exclusive opportunities in commercial real estate in New York City and Western Nassau County NY, trust the experts at the New York City Commercial Real Estate Advisors (NYCCREA).
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