Three Casinos Granted Licenses in New York
9 years ago
18 Dec
The state’s location board met on Tuesday in New York City to review the financial history of the applicants that are attempting to gain a license for building casinos and the state approved three bids worth $1.4 billion.
Several major developers failed to get a license, including Caesars Entertainment, Hard Rock, and Mohegan Sun, reported the New York Times. Projects for Orange County, the region closest to New York, were rejected because of the already established gambling halls in New York. Caesars proposed a $880 million project to build a casino near Woodbury Common, and Genting offered one of the most expensive bids to the tune of $1.5 billion.
We thought the primary intention of the statute was to help distressed communities upstate, primarily in areas like the Catskills that have been long suffering." Kevin Law, Sitting Committee Chairman, www.nydailynews.com;The casino, planned near the old Concord hotel in Sullivan County just 90 miles from New York, will be built by Empire Resorts in a project worth $690 million. The Montreign Resort Casino will include 319 hotel rooms, restaurants, an entertainment complex, 61 gaming tables, 2,150 slot machines, and a golf course. Empire Resorts also plans to build Adelaar resort with an indoor water park, hiking trails, and an entertainment village near the casino.
It is absolutely everything for us, we have waited almost 50 years for it and we’re ready." Scott Samuelson, Chairman of the Sullivan County Legislature, www.nydailynews.com;The second project, proposed by the Rivers Casino and worth $425 million, will be executed in Schenectady. Rivers Casino forecasts $222.5 million in gaming revenue and $82.1 million in gaming tax revenue by 2019.
The third winner, Lago Resort and Casino, won with a $425 million proposal to build a casino in the Finger Lakes town of Tyre. Lago Resort will include 2,000 slot machines, 85 table games, a 207-room hotel, spa, and restaurants.
The resorts will provide thousands of jobs and an economic boost to upstate New York. The recommended developers must wait for approval from the State Gaming Commission. The casinos are expected to open in 2017.
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