17 Bids for New York Casino Licenses

gambling news - GamingZion

It looks like a lot of companies are interested in opening gambling venues in the state of New York.

The state of New York is opening up for investment opportunities, offering four new casino licenses under American gambling laws. A total of 17 applications were sent in, as gambling operators and real-estate developers are interested in getting their hands on at least one of the four available permits.

Earlier in April, 22 application fees were submitted but five proposals were dropped. According to the Wall Street Journal and other local gambling news, some companies have paid fees towards more than one project.

The four casino licenses are for Catskills and Hudson Valley, an area around Albany and a strip running from Binghamton to Lake Ontario. Authorities will only allow a maximum of two casinos in any of the three regions.

Casino suitors

Empire Resorts submitted a joint bid with EPR Properties, promising to invest $1 billion in Catskills. The Mohegan Tribal Gaming Authority and developer Louis Cappelli are also interested in the region, but their proposal is for a more modest $550 million resort casino.

Caesars Entertainment placed an $880 million bid for a site in Orange County. The famous developer is competing against Penn National and Cordish Companies, who are planning a $750 million investment in the same region.

Saratoga Casino and Raceway is partnering up with Rush Street Gaming for a casino resort in Newburgh, while Claremont Partners put forward a proposal for a $640 million casino in Ellenville. Hard Rock International submitted a $300 million bid for a place in Rensselaer, near Albany.

Detailed plans will be presented after July 21 in front of the state’s Gaming Facility Location Board.

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