New York Casino Race Has 22 ApplicantsCaesars, Genting, Pinnacle, Penn National Among List Of 22 |
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The official list is out. A total of 22 casino firms submitted their applications, along with $1 million, in efforts to eventually build in New York. Just four new casinos have been authorized for Upstate New York, in an effort to bolster local economies.
According to The New York Times, Genting is eyeing a project 40 miles away from New York City, which is the closest any of the casinos would get to Manhattan. Some firms, including MGM Resorts, which didn’t apply, were really hoping that the state would authorize a full-scale casino in New York City, but that is off the table for the time being.
Another top casino firm that has expressed formal interest in New York is Caesars Entertainment, which wants to build a $750 million project around 50 miles north of Midtown Manhattan. The project would be built in the town of Woodbury. Right now, Caesars has four casinos in Atlantic City and a racino in Philadelphia, in addition to dozens elsewhere.
Genting has a slots parlor in Queens already, and along with Caesars is a major player in worldwide casino development. Other firms on the list of 22 include Pinnacle Entertainment and Penn National Gaming, both of which are big-time companies in U.S. gaming.
The governor said in response to the strong casino interest in his state: “The cynics said, ’You’re not going to get the applications, people are not going to apply, the time is done, gaming is over the curve’. I think you’ve actually had more interest and it’s gone better than people suspected it might early on.”
The Times reported: "The pace of the bidding process will be brisk. Applicants are to attend a required conference with the location board in Albany on [April 30]. The meeting[…]is meant to allow questions from applicants about the process of gaining operating licenses.
Within 10 days of that meeting, the state is to inform applicants of the minimum capital investment required for their projects to be considered, a figure that may well vary, depending on the region in which the casino would be built. A large capital investment requirement might whittle down the number of bidders." In other words, some will drop.
New York voters authorized the new casinos last year.
The state does have tribal casinos already, but these new ones are fully commercial.
In preparation for the future of gaming, New York has began to take a look at authorizing Internet poker, but that is just being pondered right now. No law is expected to pass this year.
New York is in a region full of gaming expansion, so strengthening its gaming industry could also be seen as a crucial move to keep pace with developments in nearby states.
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