New York Releases Casino Investment RequirementsState Says $350 Million Is Needed To Get Casino Near New York City |
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The state of New York has just announced what it thinks companies need to be willing to spend in order to develop a brand new commercial casino within the state.
In order to build a casino about an hour away from New York City, a developer must invest at least $350 million. As little as $70 million could be spent on a casino further upstate.
New York officials said that such investment must include, but is not limited to, the cost of a casino area and at least one hotel and other amenities.
Officials looked at data from casino industries, developing or otherwise, in nearby states, as well as existing tribal gambling facilities that are operating in New York.
“Such data included the nearby adult population, estimated total investment and, where applicable, required minimum investment in such gaming facilities. The Board also reviewed economic and financial models prepared by its consultants that were developed based on estimated gross gaming revenues for likely gaming facility locations and accepted industry operating margins, debt-to-equity ratios and rates of return.”
The state said that the dollar amounts were “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 that are associated with high-quality, large-scale destination resorts.”
New York last year authorized four brand new casinos.
Casino companies such as Genting and Caesars have paid the $1 million license application fee to compete for the right to build in the Empire State.
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