The New York State Gaming Commission formally approved and awarded the three long-awaited downstate casino licenses for New York City this week. The three approved projects in the New York City area are Bally’s (BALY) casino-hotel complex at Ferry Point Park in the Bronx, the Hard Rock Hotel & Casino Metropolitan Park project near Citi Field in Queens, and an expansion of Resorts World New York City at Aqueduct in Queens to a full commercial casino.
In terms of timing, Resorts World aims to convert to a full commercial casino on an accelerated schedule, with the first phase targeted to open by late March 2026. Hard Rock’s Metropolitan Park project is seen as opening in multiple phases, with the casino component potentially coming online as early as late 2027. Bally’s Bronx is a ground-up resort build and is being guided toward an opening ahead of the mid-2030s period.
The opening of the three casinos in New York City will represent a significant competitive threat to New Jersey’s gaming industry down the road, particularly in Atlantic City. Industry experts project Atlantic City could lose between 20% and 30% of its casino revenue, while some properties in the one-time gambling mecca are expected to close. The NYC casinos are also expected to be a threat to iGaming operations in the Garden State.
MGM Resorts International (MGM) owns the top-performing Borgata casino in Atlantic City, while Caesars Entertainment (CZR) operates three Atlantic City properties, which gives it substantial exposure to market share losses to NYC casinos. Meanwhile, Bally’s Corporation (BALY), which owns Bally’s Atlantic City and is developing the $4 billion Bally’s Bronx casino, finds itself in the unique position of competing against its own properties.
Overall, New Jersey’s casino industry has had a solid 2025, with record total gaming revenue growth driven mainly by online casinos and more modest gains at Atlantic City’s brick-and-mortar properties. Through the end of November, New Jersey’s total gaming revenue (land-based casinos, iGaming, and sports betting) was up 10.4% year-over-year to $6.38 billion.