A groundbreaking ceremony will be held for the casino near the former Aqueduct racetrack in Ozone Park, Queens.
Of the four approved proposals, the state's Gaming Facility Location Board will award three casino licenses in December.
One New York City casino proposal was advanced on Monday while another was rejected by a community panel.
Unlike three Manhattan casino proposals, the casinos in Yonkers and at Aqueduct Raceway in Queens both survived the crucial vote.
A proposed casino on the East Side was rejected by a Community Advisory Committee, becoming the third Manhattan casino to suffer the same fate in less than a week.
The Times Square proposal had been a hot-button issue, especially among the Broadway community.