Tuesday marked a pivotal day in the downstate New York casino race, as one phase closed and another began.
The morning saw Metropolitan Park win approval from its Community Advisory Committee (CAC), the final CAC vote out of eight. With that decision, the project joined Bally’s Bronx, MGM Empire City, and Resorts World NYC as the four finalists competing for three downstate licenses. Four other proposals were rejected by their local committees.
Attention now shifts to the state’s Gaming Facility Location Board (GFLB), which also made headlines Tuesday. That afternoon, the New York State Gaming Commission unanimously appointed Cindy Estrada as the fifth and final member of the board.
Estrada attended the meeting where her appointment was confirmed, a process that lasted only a few minutes. Before the vote, Commission Chairman Brian O’Dwyer noted the magnitude of the work ahead.
“She’s indicated her desire to accept this task,” O’Dwyer said. “I have told her that it is truly a Herculean task to be doing that. After I got through with her, there were no false illusions about the amount of work there will be.”
In a press release, O’Dwyer added that the board’s role “has far-reaching implications for the entire state and I am grateful for their service.” While the board did not issue its own announcement on Estrada’s appointment, it did confirm the four casino bids now under its review.
Who is the latest appointee to the GFLB?
According to the biography listed for Estrada, she is from Harlem but was raised in Bayamon, Puerto Rico. She has served as executive director of the New York City Hispanic Chamber of Commerce since 2015. In the years prior, she was an entrepreneur in the fashion industry and an executive in the travel sector.
Estrada’s bio also lists her as a “longtime resident of the Bronx”, the only such reference for any of the GFLB members. Bally’s Bronx is the lone contender from that borough, with Resorts World and Metropolitan Park lying in Queens and MGM in Yonkers. She is not quoted in the announcement, but said at the hearing she “really appreciate[s] the opportunity”.
With the latest appointment, the full board is as follows:
- Vicki Been, Chair: NYU law professor
- Terryl Brown: VP and general counsel, St. John’s University
- Cindy Estrada: Executive director, NYC Hispanic Chamber of Commerce
- Marion Phillips III: SVP, community development and DEI, US News and World Report
- Greg Reimers: Retired real estate finance executive
The board’s website states that members must have a minimum of 10 years’ experience in “specific fiscal matters” and demonstrate “significant expertise” in fields such as accounting, real estate, and economics. At the same time, they are prohibited from holding financial interests in gaming or maintaining any ties to bidders.
As of now, no upcoming board meetings have been scheduled.
More work to do in the months ahead
The casino licensing review process will now effectively restart for the four remaining contenders. With the field more clearly defined, bidders are required to refresh their financial projections and project details. A source familiar with the matter told iGB, under condition of anonymity, that these forecasts are already being updated.
All supplemental submissions, including proposed tax rates, must be filed by 15 October. While applicants can suggest their own rates, they must meet the state’s minimum thresholds of 25% for slot revenue and 10% for other gaming activities.
Currently, the two racinos — MGM and Resorts World — operate under a tax rate of roughly 55%. MGM CEO Bill Hornbuckle recently told a banking conference that he expects his venue will be required to maintain at least that level, alongside its ongoing horse racing obligations. The New York State Gaming Commission has yet to respond to a request for clarification on this issue.
In addition to the updated projections, the GFLB will consider four weighted aspects of each bid:
- Economic activity (70%)
- Local impact siting (10%)
- Workforce enhancement (10%)
- Diversity (10%)
The GFLB is expected to deliver its licensing recommendations to the Gaming Commission by 1 December, with the commission set to award up to three licences by 31 December. According to the GFLB’s website, this schedule “ensures that New York State will collect the already-booked casino licence fee(s) ahead of schedule.”
Each licence carries a $500 million fee, meaning the state could generate as much as $1.5 billion in upfront revenue. This comes as New York faces a projected cumulative budget deficit of $34.3 billion through fiscal year 2029.
