\u201cAs the world\u2019s 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,\u201d the spokesperson said. \u201cThese new licenses represent the potential to generate thousands of good paying jobs and build an exciting new industry for the region’s economy.\u201d<\/p>\n
While there are three licenses available, some anticipate only one license being up for grabs.<\/p>\n
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The downstate area already has two large-scale video lottery terminal facilities, the Empire City Casino in Yonkers owned by MGM Resorts International, and Resorts World New York City in Queens. Both of those entities have long expressed their desire to switch out VLT machines for Las Vegas-style slots and add live dealer table games.<\/p>\n<\/div>\n
One of the touting points for Empire City and Resorts World has been their ability to quickly transition, which would allow the state to start receiving new revenue in the near-term instead of waiting several years for a new casino to be built.<\/p>\n
\u201cAlthough the Board was clear this process is for three new licenses, we still agree with the Consensus view that MGM and RWNYC are front-runners for two of the three licenses, given their long-standing history in the state. We’ll look to assess other candidates as RFA materials are made available in the coming months,\u201d John DeCree, a senior analyst with CBRE Equity Research, said in a note to investors Wednesday.<\/p>\n
What’s Next?<\/h2>\n
The solicitation for the downstate licenses is expected to create the largest opportunity for land-based gaming expansion in recent memory. Last April, CBRE estimated the market for casinos in the area to be $4.8 billion. That\u2019s due to the region being home to nearly 20 million residents who make, on average, $80K a year.<\/p>\n
Tuesday\u2019s announcement was the latest step in the process, which still doesn’t have a defined end date.<\/p>\n
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The GFLB on Tuesday only set a February 3 deadline for questions from interested parties. After that, state gaming officials will answer those and invite a second round of questions. Once the state answers those, the deadline to submit bids would be 30 days later.<\/p>\n<\/div>\n
Before the board can consider an application, the proposals must first be vetted by, and get two-thirds support from, a local board. Proposals must also get local zoning approvals as well.<\/p>\n","protected":false},"excerpt":{"rendered":"
As expected, New York gaming officials released the request for applications late Tuesday afternoon for the three remaining casino licenses available in the state. The Gaming Facility Location Board has provided no official deadline for submissions. All applicants must be willing to invest at least $500 million in any project they propose. The license fee […]<\/p>\n","protected":false},"author":45,"featured_media":251170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[13598,83381,83237,84242,84343,34,82138],"acf":[],"yoast_head":"\n
New York Releases RFA for Last Three Casino Licenses<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n