New York regulators recently provided detailed answers regarding the three downstate casino licenses, potentially favoring Genting and MGM Resorts International. Speed to market, while important, is just one of many factors being considered for license awards.

Genting's Resorts World New York and MGM's Empire City Casino, currently operating as slots-only venues with racetracks, are widely speculated to be frontrunners for two of the three licenses. Nine other bidders are competing for the remaining permit.

Key Requirements:

• $500 million minimum capital investment
• $500 million licensing fee
• $1 million application fee
• 25% tax rate on slot machine revenue
• 10% tax rate on table game revenue

Both Genting and MGM are well-positioned to meet these requirements:

• Genting pledged $5 billion for Queens property conversion
• MGM committed to significant Empire City renovations
• Both properties already rank among top-grossing regional casinos

Timeline and Process:

• Bid submission deadline: June 2025
• New York Gaming Facility Location Board (NYGFLB) will make recommendations
• Final decision rests with New York State Gaming Commission (NYSGC)

Despite being classified as video lottery terminal (VLT) venues, both Genting and MGM locations must meet the same standards as other applicants. Their existing operations and infrastructure could provide advantages in revenue generation and tax contributions once converted to full-scale casinos.

For multi-party applicants, the board allows discretion on which entity pays the application fee. While the $500 million licensing fee is currently set, there's speculation it could increase.

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