By:   Benyamin Davidsons

New York State officials finally announced a deadline for casino bids.  As reported by Crain’s NY, the state announced Monday that it will not officially open up to NYC Casino bids till 2025.  The lucrative and highly anticipated casino operator selection process has been slow-moving with the state failing to put a firm deadline on bids by developers and entertainment companies vying  to open casinos.  Since 2022, developers, gaming firms and lobbyist have been anxiously preparing their proposals in high hopes of being selected to open one of the three approved casino licenses to be awarded in the five boroughs of NYC.  Many of them were  hoping that the official bidding would be opened this spring.

On Monday, Robert Williams, executive director of the state’s Gaming Commission, said the state would wait for all applicants to finish the lengthy environmental reviews they are required under state law, as well as the additional land-use permits that several of the candidates still need to complete for their specific sites—setting the deadline for submission for mid-2025.

Per Crain’s, the state could have answered the second round of questions posted by applicants and set a 30-day deadline for the casino bids. Williams noted, however, that starting the process now would have forced the bidders to submit all the reams of paperwork only to have to revise them again in line with the reviews.  “The establishment of an early [application] filing would require continual update  of all market-based responses, and all financial answers will likely have to be modified over time,” Williams said. “This would pose an administrative nightmare.”

The Community Advisory Committees, or six-member panel of local officials who will vote on each proposal, will also be formed by mid-2025, Williams said.  The 2025 timeline will allow lobbyists and the bidding company’s more time for their vigorous efforts to influence lawmakers.  Per Crain’s, one lobbyist involved in the process said Monday that the timeframe set was surprisingly actually “pretty  aggressive”, and shows the state is eager to start reaping the estimated $200 million to $400 million in tax revenues from the casinos as quickly as possible.  The candidates who win an approval will also need to pay a $500 million license fee.

The city too is making strides to quicken the process.  Last week, an effort to change the city’s own zoning code passed one more hurdle.  The city council is likely to support an overwhelming zoning change, which would eliminate the need for each casino bid to pass through an individual lengthy city rezoning process before even being eligible by the state.

Still, zoning issues will continue to be a challenge for several of the bidders.  Four of the projects would still need the city to sign off on land-use changes for before they could be considered, Williams said.  These include the casinos proposed by Related Companies for Hudson Yards, Steve Cohen for Willets Point, Thor Equities in Coney Island, and Bally’s at the former Trump Golf Links in the Bronx.

Williams said Monday that the process has not been delayed, and is on track for the state to start reaping casino revenues in 2026,  as per the budget estimates.  “Thus, the process remains ahead of schedule,” he said.