New York Casino Location Board Ready For Big Apple Applicants
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New York State's Gaming Facility Location Board issues a request for applications for three licenses to locate New York City-area casinos. The license fee will be at least $500 million, the minimum capital investment required is also $ 500 million and the licenses will last no longer than 10 years.
The location board was named on Oct. 4. It has three members. The board will issue an RFA within 90 days. Yonkers and Aqueduct racinos are considered the favourites for two of the licenses. Some of New York's most powerful developers are interested in the third license.
New York Casino Location Board is ready to accept applications for new casinos. The earliest any casino site is likely to be approved is late this year. The first four casinos went to upstate locations. Upstate casinos received a seven-year head start on downstate venues. New York lawmakers and Gov. Kathy Hochul sped up the process by a year in hopes of generating new revenue for the state. Once the board does its work, the gaming commission will have the ultimate say over which proposals receive licenses.
