New York board finalises licence fee, capital minimum for downstate casino bids
Summary
The New York State Gaming Commission’s Gaming Facility Location Board has set a hefty $500 million licence fee and a minimum capital investment of $500 million for downstate casino licences. This decision was reached unanimously in a brief meeting. Bids must be submitted by 27 June, with approvals expected by year-end.
Key Points
- The New York board approved a $500 million fee and minimum capital for bidding on downstate casino licences.
- Bids are due by 27 June, with licences expected to be awarded by the end of the year.
- Applicants must complete zoning and environmental reviews by 30 September.
- Community support is essential for approval, with community advisory committees (CACs) to evaluate bids.
- Tax rates will be negotiable but must meet minimums of 25% for slot revenue and 10% for other gaming revenue.
- Economic development is a major factor in selecting bids, accounting for 70% of the review criteria.
Why should I read this?
If you’re interested in the casino industry and New York’s evolving gaming landscape, this article is a must-read! It breaks down crucial financial requirements and the bidding process that will shape the future of downstate casinos. With substantial fees and community support at stake, understanding these developments is key for potential investors and local stakeholders alike.
