"Happy New Year!" is an English equivalent of the Italian phrase Buon Capodanno!
Specifically, the masculine adjective buono* literally means "good" and loosely "happy" in this context. The masculine noun capodanno translates literally as "head of the year [capo di anno]") and loosely as "New Year's Day." The pronunciation will be "KA-po DAN-no" in Italian.
*The final vowel drops -- and is replaced by an apostrophe -- before a noun whose spelling begins with a consonant.
buon compleanno
Buon giorno, maestro! in Italian means "Hello, teacher (or master)!" in English.
Buon Natale, Femmine! in Italian means "Merry Christmas, Ladies!" in English.
Nipote! Buon giorno! in Italian means "Good morning nephew!" in English.
Ciao! Buon Natale! in Italian means "Hello! Merry Christmas!" in English.
"Good food!" in English is Buon cibo! in Italian.
"Good lover" in English is buon amante in Italian.
"Have a good weekend!" in English is Buon fine settimana!in Italian.
"Happy New Year!" in English is Buon anno! or Felice anno nuovo! in Italian.
Buon giorno, Buona notte, Arrivederci! in Italian is "Have a nice day, Have a nice night, Goodbye!" in English.
Buon viaggio Viaggio felice
Buon gioco, buona partita.