New York Releases Solicitation for Last Three Casino Licenses, No Deadline Set

As expected, New House of York gaming officials released the asking for applications belatedly Tues afternoon for the terzetto remaining cassino licenses uncommitted inward the state.

The Gaming Facility Location Board has provided no more functionary deadline for submissions. All applicants must follow willing to vest at least $500 trillion inwards any externalize they propose. The licence fee for the unexampled gaming facilities testament also be $500 million.

The licenses are expected to tour to developments proposed for the downstate region, which includes New York City and its suburbs on Long Island and northward of the metropolis.

Nearly a decade ago, the state’s voters approved a constitutional amendment to allow commercially licensed cassino gaming. The amendment allowed up to heptad facilities.

Four of those currently run inwards upstate New York, and the remaining terzetto licenses were lot to be awarded after a seven-year period. The purpose behind that was to tolerate the upstate casinos to establish upwardly their trading operations before any New York City installation opened.

Prompts to expedite the outgrowth for the remaining licenses grew during the early stages of the COVID-19 pandemic. Supporters saw the gambling casino licenses as an chance to generate revenue inwards a state fresh for important budget deficits. In addition, the new casinos would also generate jobs inward the twist and hospitality sectors, both of which were smash hard past the pandemic.

“The quicker the trine licenses are approved, the faster we can begin to actualise the major benefits to the state, such as thousands of building and post-construction jobs, billions in revenue from the licenses, an increase inwards problem gambling monies and programs, as well as billions more inwards educational funding when the winning casinos go live,” Senate Racing, Gaming, and Wagering Committee Chairman Chief Joseph Addabbo said in a financial statement Wednesday.

Several Bids Expected

The allurement for casinos in or around the nation’s largest city is expected to generate several high-profile bids. Some have got already announced their intention to bid, and after Tuesday’s release, a few reaffirmed that.

The partners on a proposed $3 billion casino resort for Coney Island said they think to put forward an application program that would make “an economical boom” for the Brooklyn neighborhood.

For more than a generation, Coney Island has been waiting for a year-around economy that creates not simply jobs – but careers,” said Thor Equities, battle of Saratoga Casino Holdings, Chickasaw Nation, and Legends. “Our partnership is unique, combining unrivaled gaming expertise, an unsurpassed caterpillar tread tape inward entertainment, and a dedication to serving the local community similar no other. We appear forrad to submitting our adjure and scope a unexampled touchstone in economical revitalization and resiliency for New York.”

A interpreter for Las Vegas Sands, which has been fastened to reports almost a Long Island project, lauded the province for taking the next stair inward the process.

“As the world’s preeminent developer and operator of world-class integrated resorts and casinos, we are excited for the chance to represent an extremely free-enterprise(a) and compelling proposal,” the spokesperson said. “These young licenses stand for the possible to generate thousands of goodness paying jobs and build an exciting unexampled manufacture for the region’s economy.”

A Race for One?

While in that respect are deuce-ace licenses available, some look for only when I licence being up for grabs.

The downstate surface area already has two large-scale video drawing depot facilities, the Empire City Casino inwards Yonkers owned by MGM Resorts International, and Resorts World New House of York City in Queens. Both of those entities have long uttered their want to electrical switch out VLT machines for Las Vegas-style slots and append live dealer tabulate games.

One of the touting points for Empire City and Resorts World has been their power to rapidly transition, which would appropriate the state to bulge receiving unexampled revenue in the near term instead of waiting several years for a unexampled cassino to be built.

“Although the Board was clear up this outgrowth is for tierce unexampled licenses, we still concur with the Consensus look at that MGM and RWNYC are front-runners for deuce of the tercet licenses precondition their long-standing history inwards the state. We’ll appear to assess other candidates as RFA materials are made uncommitted inward the coming months,” St. John the Apostle DeCree, a senior analyst with CBRE Equity Research, said inward a take down to investors Wednesday.

What’s Next?

The solicitation for the downstate licenses is expected to create the largest chance for land-based gaming expansion in recent memory. Last April, CBRE estimated the market place for casinos inward the region to be $4.8 billion. That’s due to the neighborhood being nursing home to nearly 20 million residents who make, on average, $80K a year.

Tuesday’s promulgation was the latest step inward the process, which allay doesn’t hold a outlined oddment date.

The GFLB on Tuesday only when readiness a February 3 deadline for questions from interested parties. After that, land gaming officials testament resolve those and pay for a endorsement round off of questions. Once the nation answers those, the deadline to bow bids would be 30 days later.

Before the table put up debate an application, the proposals must first-class honours degree follow vetted by, and get two-thirds support from, a local board. Proposals must also get under one's skin local zoning approvals as well.

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