New York's iGaming regulator is charging a $500 million fee for city casino license
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The state’s site committee announced new rules on Tuesday. The operators of New York's three casinos will have to pay the state at least $500 million for the gambling license.
The New York Gaming Board is accepting applications for casino licenses. The winners will be required to pay a $500 million license fee within 30 days of their official license.
The first casino license will last between 10 and 30 years. The state's income depends on the rating of the bidder's proposal. Economic activity and business development factors account for 70 percent of a proposal's score. Workforce development and diversity account 20 percent and local siting issues account 10 percent.
New York's iGaming regulator is charging $500 million for city casino license. Bidders must obtain all required local government zoning/land-use permits and get the blessing of the local community advisory board. Final decision on the licenses will be made by the end of this year.
The consortium proposing the casino for Coney Island officially released a statement saying it will submit a bid for one of the licenses. The group includes Thor Equities, Saratoga Casino Holdings, The Chicksaw Nation and Legends, the entertainment firm co-owned by the Yankees. Genting/Resorts World and MGM’s Empire City are also expected to submit bids to add table games to their offerings. Steve Cohen, owner of Mets, has shown interest in a casino near the team's Citi Field in Willets Point, Queens.
