NY Panel Approves 3 Full-Scale Casinos in NYC Area

A New York state panel approved three proposals for full-scale casinos in the New York City area on Monday, paving the way for the city's first Las Vegas-style gambling resorts and projecting billions in tax revenue to support public transit and create thousands of jobs. The New York Gaming Facility Location Board selected projects in Queens and the Bronx, marking the culmination of a competitive process that began after voters approved expanded casino gambling in a 2013 referendum.

The board recommended licenses for Genting Group's Resorts World New York City, an expansion of its existing slots parlor near Aqueduct Racetrack in Queens; Steve Cohen's Metropolitan Park, a partnership with Hard Rock International adjacent to Citi Field in Queens; and Bally's Corporation at the Ferry Point golf course in the Bronx. The state Gaming Commission is expected to formally issue the licenses by December 31, after verifying environmental reviews and other requirements. Each operator must pay a $500 million upfront fee, totaling $1.5 billion directed to the Metropolitan Transportation Authority for transit improvements.

Resorts World, operated by the Malaysian-based Genting Group, plans a...