New York Casino License, Capital Investment Minimums Set At $500 Million
Summary
The New York State Gaming Commission has set a minimum price of $500 million for each of the three downstate casino licenses. Alongside this, applicants are required to carry out a capital investment of at least $500 million. The deadline for applications is June 27, with eight companies anticipated to submit bids, three of which are likely based in Manhattan.
Key Points
- The New York Gaming Facility Committee has established a minimum investment of $500 million for downstate casino licenses.
- Applications are due by June 27, with expectations of eight bids submitted.
- Bally’s proposal for a $4 billion casino in the Bronx has gained state-level approval for land rezoning.
- SL Green, in collaboration with Roc Nation and Caesars, is aiming for a casino in Times Square, supported by the recent withdrawal of a rival proposal.
- Community responses are mixed on proposed casinos in Coney Island, with plans expected to create thousands of jobs.
Why should I read this?
If you’re keen on the New York gaming scene, this article is a must-read! With major developments happening around casino licensing and investment, knowing the ins and outs could really give you a leg up on what’s coming next in the gaming industry. We’ve broken it down so you don’t have to hunt for the details.
