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New York announces invitation for state’s last casino licenses

New York sports betting hearing

The New York Gaming Facility Board has announced operators can now jump on the opportunity to send in applications for the three casino license slots left in the state.

Sticking with the maxim that says nothing good comes easy The state has put up a licensing fee of $500 million, which will be paid by the applicants who are lucky enough to get approval from New York‘s gaming regulator. Also, the licensing fee will be paid within a period of one month after the issuance of the license.

Currently, there is no deadline for the submission of applications; however, the state gaming regulator disclosed the license is for a period of 10 to 30 years, depending on the selected bidder’s investment, and the state’s profitability plays a significant role in evaluating the bidder’s proposals.

According to Senate Racing, Gaming, and Wagering Committee Chairman Joseph Addabbo, the call for speeding up the licensure process increased during the pandemic, as the state saw it as a strategic plan to gain economic balance after the impacts of the COVID-19 outbreak.

“Prompts to expedite the process for the remaining licenses grew during the early stages of the COVID-19 pandemic. Supporters saw the casino licenses as an opportunity to generate revenue in a state bracing for significant budget deficits. In addition, the new casinos would also generate jobs in the construction and hospitality sectors, both of which were hit hard by the pandemic,” he said.

Addabbo also said the sooner approval for the three licenses is sent, the sooner the state can start benefiting from the numerous advantages, which include job opportunities and more.

“The quicker the three licenses are approved, the quicker we can begin to realize the major benefits to the state, such as thousands of construction and post-construction jobs, billions in revenue from the licenses, an increase in problem gambling monies and programs, as well as billions more in educational funding when the winning casinos go live,” he said.

The state’s remaining three licenses became readily available after being incorporated into the state budget that was approved by legislators in 2022. They are the last remaining parts of seven licenses that the state was able to offer after voters adopted a constitutional change in 2013.

Various operators have pitched themselves as being fully competent for the license and citing the perks that the state of New York will enjoy if they are chosen to operate the casino.

Thor Equities, Saratoga Casino Holdings, The Chickasaw Nation, and Yankees-owned Legends, which are all in partnership to present a detailed casino, hotel, and entertainment proposal for Coney Island in New York, said their services are exceptional because they combine unmatched gaming, an unmatched history of entertainment, and an unmatched dedication to helping the community. Hence, they look forward to raising the bar for New York’s economy.

“For more than a generation, Coney Island has been waiting for a year-round economy that creates not just jobs – but careers,” the groups said collectively. Our partnership is unique, combining unrivaled gaming expertise, an unsurpassed track record in entertainment, and a commitment to serving the local community like no other. We look forward to submitting our bid and setting a new standard in economic revitalization and resiliency for New York.”

A spokesman for Las Vegas Sands also said: “As the world’s preeminent developer and operator of world-class integrated resorts and casinos, we are excited for the opportunity to present an extremely competitive and compelling proposal,” the spokesperson said. “These new licenses represent the potential to generate thousands of good paying jobs and build an exciting new industry for the region’s economy.”

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