Some progress has been made in relation to the three commercial casino licenses available in northern New York State. The New York State Senate recently revised a bill that outlines and highlights the criteria for selecting ideal candidates. The local government also announced that the New York State Gaming Board will decide the tax rate through a bidding process.
A few years ago, the state suspended the Northern Commercial Casino License to allow the Northern Casino to be located in the local gaming industry. Now, the state is considering accelerating the licensing process, based on estimates that the Northern Casino will provide $1.5 billion in revenue to the state economy.
New Senate Bill 8009 states that applicants will be selected in consideration of a number of factors. Among the criteria are realizing maximum capital investment, excluding land acquisition and infrastructure improvement, maximizing the returns received by the state and provinces, and providing the best quality jobs for licensed properties.
The bill also stipulates that the ideal candidate will present a reasonable and feasible construction schedule for full-scale completion of commercial gaming properties, operators should demonstrate their ability to fully fund casinos on application, and finally consult with local governments.
So far, numerous gaming companies have expressed interest in participating in the gambling industry in New York State and obtaining licenses in downtown New York. It also already operates in the region, receiving major local support from local communities and lawmakers, including Resorts World New York Casino and Empire City Casino.
For example, State Senate Majority Leader Andrea Stewart-Cuisine recently said MGM Resorts International's Empire City Casino has spared no effort to win one of its three licenses and supports its proven home casino in the Yongkus area, which she says could do more if it turns into a full-fledged casino.
But Tom Rigg, CEO of gaming giant Caesars Entertainment, said the company has no plans to enter the market. The league described Empire State's gambling industry as a difficult industry and shared that the operator has no plans to apply for one of the licenses. His argument is that the licensing costs will be significant and that it will be very expensive for the company to build there.
Game giant Hard Rock also recently announced its intention to set up a casino property in downtown New York. Last week the Seminole Tribe-owned company said it was considering three potential casino sites in the area. However, it did not provide specific information on the exact location other than explaining that it would not be in the 446-room New York Hard Rock Hotel, which will soon open.
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