Where New York casino licence race stands after surprise MGM departure
Three bidders remain for three New York casino licences, but the twists and turns to get to this point have only caused uncertainty to grow.
✅ What happened
- MGM withdrew its application to convert its Empire City Casino racino in Yonkers into a full‐scale downstate commercial casino.
- MGM said the withdrawal was due to “shifting competitive and economic assumptions” and in particular that the expected license term would be 15 years rather than the 30 years it had planned around.
- With MGM out, the number of bidders for the (up to) three available downstate licenses has been reduced to three major contenders.
📊 Key licensing & tax framework
- The GFLB set minimum tax‐rates for gross BDG Game revenue (GGR) as part of the application process: at least 25% on slot machine revenue, and at least 10% on all other sources (table games, etc.).
- Bidders were free to propose higher tax‐rates if they wished, and some did. For example:
- Resorts World New York City (Queens) proposed 56% for slots and 30% for tables.
- Metropolitan Park (Hard Rock/Steve Cohen in Queens) proposed the minimum 25%/10%.