Topline
President Donald Trump and billionaire Steve Cohen stand to profit as the New York State Gaming Commission voted Monday to finalize approvals licensing a trio of the state’s first fully commercial casinos.
Key Facts
The New York State Gaming Commission voted to give final approvals to license three casinos: Hard Rock International’s Metropolitan Park, Bally Corp’s Bronx and Genting Group’s Resorts World New York City.
Cohen, the owner of the New York Mets, partnered with Hard Rock International to propose the $8 billion Metropolitan Park casino to be fully constructed by 2030 in Flushing, Queens.
Bally’s $4 billion casino site is going to be constructed in the Bronx, next to a golf course Trump once owned—the president is set to receive $115 million from the new project as part of the purchase agreement between Bally’s and the Trump Organization.
Eight different projects bid for the three final spots, with five proposals falling out of the race including a Times Square-based Caesars Palace casino and MGM Resorts International casino.
The state of New York anticipates the projects to bring in about $1.5 billion in licensing fees and $7 billion in tax revenue by 2036.
Shares of Bally’s Corporation are up close to 3% as of just after 2 p.m. EST.
This is a breaking story and is being updated…
