The casino teams promised big. Now they have to deliver.
On Monday, the state Gaming Commission awarded casino licenses to the three remaining proposals: Steve Cohen’s Metropolitan Park, Resorts World’s expansion of the Queens Aqueduct and Bally’s Golf Links at Ferry Point.
The initial license term for Bally’s and Resorts World will be 15 years, while Metropolitan Park will have 20.
As a condition of receiving the license, the three teams must agree to be overseen by an independent monitor for at least five years. Each monitor will report to the Commission every three months, providing updates on the teams’ progress in delivering on the various pledges they made to secure approval.
Commission Chair Brian O’Dwyer confirmed that this includes promises that the teams made both formally in their applications, as well as those made publicly but left out of official paperwork. He said failing to live up to these promises could result in a team losing its license.
With that in mind, here’s a refresher on some of the promises the casino teams made:
Metropolitan Park ($5.3 billion capital investment)
— $1 billion in community benefits, which includes a $163 million community impact fund and $50 million for local health, youth and senior services
— 25 acres of new park space
— 450 affordable apartments offsite on a parking lot in Corona (in partnership with Slate Property Group)
— Development of the Flushing SkyPark and a new pedestrian bridge (which were critical in gaining key legislative support)
— $60 million for a Taste of Queens food hall as part of one of the facility’s parking garages
Bally’s ($2.3 billion capital investment)
— 70 percent of construction and facility jobs will go to Bronx residents (the company is projecting 15,000 construction jobs, nearly 4,000 permanent positions)
— Annual contribution of 1 percent of gross gaming revenue (minimum of $15 million) to a community benefits fund, starting when the gaming facility opens
— Overall pledge of $625 million in community benefits, including $100 million for parkland improvements and the revitalization of Ferry Point Park, $75 million for transportation upgrades and $10 million for new NYPD substations and increased police presence in the area
— An equity ownership initiative where local residents can buy an equity interest in the project, creating an up to 9 percent community ownership stake
Resorts World ($3.3 billion capital investment)
— For the duration of its license, annual contributions of the lesser of: 2 percent of incremental gross gaming revenue above 2025 levels, or $25 million per year, for a workforce housing fund (this is part of a partnership with Cirrus Real Estate, which is projected to result in up to 50,000 workforce housing units being built citywide)
— An initial $25 million for its Resorts World Gives program, with up to $5 million each year after that
— An initial $50 million investment in the “design and preconstruction programming” of an “Innovation Campus” on Rockaway Boulevard (annual contributions after that will be the lesser of 2 percent of incremental gross gaming revenue above 2025 levels or $25 million)
— $100 million for infrastructure improvements
What we’re thinking about: What do you think about the housing-related City Council bills potentially heading to a vote this week? Send a note to kathryn@therealdeal.com
A thing we’ve learned: Chicago just saw its first large-scale multifamily deal subject to the Northwest Side Housing Preservation Ordinance, which is essentially the city’s version of the Tenant Opportunity to Purchase Act, or TOPA. My colleague Emma Whalen broke down what the ordinance meant for the deal (which did not result in tenants buying the building).
Elsewhere in New York…
— The MTA plans to spend $7.3 million on installing turnstile paddles and spikes at nearly every subway station, Gothamist reports. The agency has already installed this anti-fare evasion equipment at 327 of the city’s 472 subway stations and plans to add it to 129 more.
— New York has seen a rise in demand from large power users such as data centers and large-scale manufacturers, Bloomberg reports. “Large-load connection requests” over the next five years will hit an estimated 10 gigawatts, triple the demand from last year, National Grid New York President Sally Librera told the publication.
— Assembly member Deborah Glick, who is leaving office at the end of her term in 2026, is endorsing Assembly member Micah Lasher for Rep. Jerrold Nadler’s seat in the 12th Congressional District, City & State reports.
Closing Time
Residential: The top residential deal recorded Monday was $22 million for a condominium unit at 15 Central Park West. The Upper West Side condo is 3,100 square feet. The Corcoran Group’s Deborah Kern has the listing.
Commercial: The top commercial deal recorded was $14 million for 99-32 Corona Avenue and 99-07 Alstyne Avenue. The retail lot in South Corona, Queens, is 28,200 square feet.
New to the Market: The highest price for a residential property hitting the market was $7 million for 116 East 91st Street. The Upper East Side townhouse is 8,200 square feet. The Corcoran Group’s Scott Stewart, Alicia Cacchione and Jourdain Thompson have the listing.
Breaking Ground: The largest new building permit filed was for a proposed 415,944-square-foot, 12-story, mixed-use building at 567 Schenectady Avenue in East Flatbush. John Woelfling of Dattner Architects is the applicant of record.
— Joseph Jungermann