New York State officials approve rules for casino license bidding process

New York State officials have released the criteria they will use to determine how up to three new casino licenses will be awarded. The operators awarded licenses to run any of the New York City-area properties will have to pay the state at least a $500 million fee for the permits. Any development proposed must have at at minimum a$500m capital investment. Applicants must secure two-thirds support from a local board. They must also obtain local zoning approvals. Board has opened a window until February 3 for questions from interested parties. It will then launch a second round of questions. Final decision on the licenses is not yet made.

Bidders are reacting to the solicitation for new casinos. The parties behind a $3 billion plan to build a casino resort at Brooklyn's Coney Island confirmed they will submit their proposal for consideration. Mets owner Steve Cohen is reportedly eyeing a casinos near the team's stadium in Willets Point, Queens and a 25,000-seat professional soccer stadium. Genting’s Resorts World and MGM”s Empire City are expected to submit bids.