New York’s expansion of casino licensing represents a significant development in the US gaming landscape. Since becoming the largest betting market in America after launching online sports betting in January 2022, the state is now moving forward with three new downstate casino licenses that promise substantial economic benefits.

The licensing process, though complex and lengthy, has attracted nearly a dozen operators and coalitions competing for these valuable licenses. With applications due by the end of June and awards expected by year’s end, the competition includes some of the biggest names in gaming and entertainment:

• Caesars Entertainment has partnered with SL Green and Roc Nation (Jay-Z’s company) for a $4 billion Times Square casino development
• Wynn Resorts and Related Companies have proposed an impressive $12 billion mixed-use complex at Hudson Yards
• Billionaire Stefan Soloviev has teamed up with Mohegan Sun for “Freedom Plaza” in Midtown East River
• Las Vegas Sands is planning “Sands New York” at the Nassau Coliseum site on Long Island

Each license requires a substantial $500 million upfront fee plus ongoing tax revenue from gambling operations. Beyond the financial benefits, these developments are expected to revitalize their respective areas, creating jobs and stimulating local economies.