New York casino investments to range from USD 70 million- USD 350 million

The capital investment requirements is the latest step as the state’s moves toward allowing four private casinos to be built in three regions of the state: the Southern Tier, Catskills and Albany area.

Last month, 22 bidders submitted a USD 1 million application fee for a potential casino license. They now have five days to withdraw their applications based on the minimum investment requirement. “The board’s observation is that there is a wide range of market comparables for both total investment and required minimum investment in gaming facilities,” the commission’s Facility Location Board said in a statement.

Because of the proximity to New York City, the casinos that would be in Orange and Dutchess counties would require the largest investment. There are at least five proposals for Orange County, including one in Tuxedo that would 41 miles away from Manhattan, but none so far in Dutchess County.

One region would have two casinos under the law approved last year by Gov. Andrew Cuomo and the state Legislature. So if Dutchess or Orange counties gets a casino, a second one in the Catskills would have to have a minimum investment of US$ 100 million. But if Orange or Dutchess doesn’t get one, the minimum investment for the rest of the region, including Ulster, would be US$ 130 million.

The minimum investment would be US$ 135 million for a casino in the Albany area. The investment would be US$ 85 million in Broome, Chemung, Schuyler, Tioga and Tompkins counties. But the investment would US$ 135 million in Wayne and Seneca counties, which are closer to Rochester.

If a casino is awarded in Wayne or Seneca counties, the minimum investment would US$ 70 million for a second casino in the rest of the region. There are three casino proposals in the region. “The board’s determination of minimum capital investment was influenced by its desire to balance the goal of encouraging competition in order to preserve the integrity of the selection process with the goal of maximizing the economic benefits to the state and each region,” the board said.

The applications for a casino license are due by June 30. The selections are expected to be made this fall.