New York State Gaming Commission formally approved three casino licenses on Monday, allowing hedge fund billionaire Steve Cohen, Genting Group and Bally’s Corp. to open the first full-scale gambling establishments in New York City’s modern history.

The approval follows a decade-long process to permit up to three new casinos in the city and surrounding suburbs. Two of the projects will be located in Queens, with one in the Bronx.

This decision comes after the commission’s facility location panel gave initial approval on December 1, determining that awarding all three licenses would benefit the state’s long-term financial interests. The full board subsequently evaluated each proposal’s "security, fitness and background" before granting the licenses.

Bally’s casino approval includes a condition requiring an outside monitor to oversee the process.

State officials project that gaming revenue from these casinos could reach $5.5 billion by 2033, generating $7 billion in tax revenue between 2027 and 2036. New York also expects to collect $1.5 billion in licensing fees and an additional $5.9 billion from other project-related taxes.