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New York opens bids for 3 Downstate Casinos

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New York Gaming Facility Board officially opens the bid process for three commercial casinos in downstate.

By unanimous vote, the board decided to issue a Request For Applications (RFA).

The board’s decision was eagerly anticipated. The 2013 New York State Constitution was amended to permit four casinos upstate in New York. It also allowed the Gaming Commission of the State to approve three additional casinos near New York City later.

New York downstate casino conditions

The board unanimously decided that “the minimum capital investment for each applicant seeking to construct a commercial gambling establishment is $500,000,000”.

The board will only consider proposals that are backed by the community.

There is no deadline for the RFA.

The chair of the Senate Committee on Racing, Gaming and Wagering, State Senator Joseph P Addabbo Jr, stated that he was “looking forward” to an accurate, transparent and quick process by the New York Gaming Facility Location Board.

He added that the faster the licenses were approved, the sooner we could start realizing the benefits for the state. These include thousands of jobs in construction and after-construction, millions in revenue generated by the licenses, and an increase in funds and programs to combat problem gambling.

Downstate casino bidders

Some companies already have announced plans to submit bids for licenses. Caesars Entertainment announced that it will build Caesars Palace Times Square after redeveloping the 1515 Broadway.

Thor Equities, meanwhile, has announced plans for a new $3bn casino to be built in Brooklyn’s Coney Island. Saratoga Casino Holdings, Chickasaw Nation Global Gaming Solutions and Saratoga Casino Holdings will support the company in their bid.

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