The New York Gaming Facility Board has issued a request for applications to those parties interested in obtaining one of three available licenses for a casino in New York.
During a board meeting yesterday, the members unanimously voted in favor of issuing the request, putting into motion the process to expand casino gaming in the Empire State.
Also determined during the meeting was the license fee and minimum capital investment from each licensee, which was set at $500m per license holder for each, meaning a minimum investment of $1 billion.
The expansion of casino gaming in New York stems from a 2013 statute that determined that up to seven commercial casinos could open across the state, of which four have already opened in the upstate region.
No deadline has been imposed on applications as of yet, however, applicants have until Feb 3 to submit to a first round of questioning for any queries on the process.
Several parties have already expressed their interest in securing one of the three available licenses including Bet on Games Holdings, Wynn and Caesars.
In response to the meeting, a group consisting of Thor Equities, Saratoga Casino Holdings, The Chickasaw Nation and Legends have formally declared their interest to reply to the Board’s request for applications.
The group intends to open a casino on Coney Island, creating ‘an economic boon fueled by private investment’.
A statement released by the group read: “For more than a generation, Coney Island has been waiting for a year-round economy that creates not just jobs – but careers. 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.”
Following the request, the board has confirmed that a separately appointed Community Advisory Committee will review the applications that are received.
The CAC will be formed and assess the applications on four key criteria: Economica Activity & Business Development Factors (70%); Local Impact Siting (10%); Workforce Enhancement (10%); and Diversity Framework (10%).
Once assessed, the group will then offer up recommendations for the three licenses.
Declaring the aforementioned group’s intentions to be part of the application process, Melissa Gliatta, COO of Thor Equities, added: “This is Brooklyn’s moment and we can think of no better place for a world-class entertainment destination than right here in Coney Island.
“We are so excited to be working with Legends, The Chickasaw Nation, and Saratoga Casino Holdings to bring together the perfect combination of expertise, hometown pride, and commitment that will make Coney Island New York’s new beacon of economic opportunity.
“We look forward to submitting a comprehensive proposal that drives the local economy forward and is supportive of the entire local community.”
