New York’s Three Downstate Casino Licenses May Be Delayed Until January

In addition, Addabbo said legal wagering on individual player awards—such as the Super Bowl MVP, Cy Young Award, Heisman Trophy, and NBA Rookie of the Year—will also be delayed until at least January. Approval of those wagers depends on legislative action and the signature of Governor Kathy Hochul.

License and Legislation Delays

Addabbo explained that while current plans call for licenses to be awarded by December 31, the state legislature does not reconvene until January, meaning Senate Bill 2025/2616 may not advance until budget negotiations begin. The measure would amend New York’s sports wagering law, which currently bans betting on player awards due to concerns about human voting bias.

“My colleagues are sometimes apprehensive, but New Yorkers are already making these bets in New Jersey and Connecticut,” Addabbo told. “We’re losing $1 billion per year. The governor needs to know New York is viewed nationally as an expanding gaming market, and we need the revenue.”

The Casino Race

Two frontrunners—Empire City Casino in Yonkers (MGM Resorts) and Resorts World New York at Aqueduct Racetrack (Genting)—already operate as racinos and have cleared environmental and community hurdles.

Other bids face steeper challenges. Proposals include:

Times Square: Roc Nation, SL Green, and Caesars, facing Broadway community opposition.

Hudson Yards: Larry Silverstein and Rush Street Gaming.

East Side Manhattan (Freedom Plaza): Soloviev Group and Mohegan.

Citi Field site: Steve Cohen with Seminole Hard Rock Entertainment.

Bronx (Trump Links): Bally’s.

Coney Island (The Coney): Thor Equities, Saratoga Casino Holdings, and the Chickasaw Nation.

Community Advisory Committees are reviewing the bids, requiring a two-thirds vote to advance. Though December 1 was set as the target announcement date, Addabbo noted that such deadlines have slipped before.

Market Impact

The possible delay, combined with the debate over player prop bets, could influence the stock performance of companies in the running. As of Tuesday’s close:

MGM Resorts (Yonkers): $38.20, slightly down.

Caesars: $26.75, unchanged.

Hard Rock Entertainment: $64.84, down 1.5%.

Bally’s: $9.74, down over 50% from January highs.

Rush Street Gaming: $21, significantly up since 2014.

SL Green: $56.15, down 1.1%.

Thor Equities: $10.77, down nearly $1.

Genting (Resorts World): trading paused pending earnings report.

Addabbo stressed the importance of keeping New York competitive. “Even though we’re doing $2.6 million in revenue, we’re never done,” he said. “New Jersey does prop bets, we don’t. New Yorkers are savvy—they’ll keep going out of state unless we keep pace. We can never rest.”