The operators awarded licenses to run any of the three Recent York City-area casinos could have to pay the state at the very least a $500 million fee for the prospect at rolling the dice, in accordance with latest rules approved by a state siting board Tuesday.
The Recent York Gaming Facility Board released the request for applications, which incorporates a rating system that can determine the winners of the bids for the casino licenses — including the $500 million license fee, paid inside 30 days of the award of the license.
However the license fee can turn right into a more pricey bidding war — separating well-resourced contenders from pretenders.
“An applicant may propose to pay the next license fee,” the siting board said.
The initial casino licenses will run from 10 years to 30 years based on the investment of the winning bidder, and revenue to the state weighs heavily within the rating of the bidder’s proposals.
The operators awarded licenses to run any of the three Recent York City-area casinos could have to pay the state at the very least a $500 million fee.Stephen Yang
The category of “economic activity and business development aspects” will account for 70 percent of the rating of the proposals. That features capital investment, “maximizing state and native revenues,” providing probably the most jobs and creating the “highest caliber” casino with an array of amenities.
Workforce development and variety will account for a combined 20% of the general rating and native siting issues that include mitigating impacts on surrounding neighborhoods accounts for the remaining 10%.
But first applicants must obtain any vital local government zoning/land-use approvals and receive the blessing of a local people advisory committee — which incorporates locally elected representatives — before the siting board may even review a bidder’s application.
Due to the community review process, there’s no set deadline for when a call will probably be made on the awarding of casino licenses, in accordance with the siting board. But insiders expect the awards to be made by 12 months’s end.
A consortium proposing a casino for Coney Island immediately released a press release Tuesday saying it should submit a bid for one in all the licenses. The group includes Thor Equities, Saratoga Casino Holdings, The Chicksaw Nation and Legends — the entertainment firm co-owned by the Yankees.
The group plans to submit a comprehensive casino, hotel and entertainment proposal for Coney Island — fueled by private, not taxpayer, investment — to supply an economic boost for southern Brooklyn by creating everlasting local jobs for residents.
The group plans to submit a comprehensive casino, hotel and entertainment proposal for Coney Island.AP
“For greater than a generation, Coney Island has been waiting for a year-round economy that creates not only jobs — but careers. Our partnership is exclusive, combining unrivaled gaming expertise, an unsurpassed track record in entertainment, and a commitment to serving the local people like no other. We look ahead to submitting our bid and setting a latest standard in economic revitalization and resiliency for Recent York,” the Coney Island consortium said in a press release.
The owners of the present slots parlors on the Aqueduct race track in Ozone Park, Queens and Yonkers race track — Genting/ Resorts World and MGM’s Empire City — are expected to submit bids to expand their offerings to incorporate table games.
Meanwhile, Mets owner Steve Cohen is eyeing a casino near the team’s Citi Field in Willets Point, Queens. A 25,000-seat skilled soccer stadium can be planned within the vicinity.
Others planning bids to operate a casino include the Steve Ross-Related Firms/Wynn Resorts partnership for Hudson Yards and the owner SL Green/Caesars Entertainment team in Times Square.