New York Sets Staggering Licensing Fee
Following an RFA (Request For Applications) that was issued by the New York Gaming Facility Board that was unanimously voted in favor of, successful applicants that bid to secure a license to operate one of three casinos in New York will be required to pay at least $500 million in fees.
The news comes after a surge in activity in the state over the last few months, with multiple plans in place for new casinos and many sites identified as possible locations.
There are also other requirements that operators must adhere to, as set by the NYGFB, such as liveable wages for employees.
The board shall determine a licensing fee to be paid by a licensee within 30 days after the award of the license. The board has determined that the license fee will be $500m. An applicant may propose to pay a higher license fee.
Major Benefits for New York across the Board
It is understood that a vast majority of the licensing fees will go a long way to providing multiple benefits to New York state. Revenue is likely to be invested into improving inner-city schools, while some will be handed to local governments across the state to modernize infrastructure across the city.
Any successful applicant is first required to complete a number of steps first though, such as local government zoning and land use processes, in addition to getting the Community Advisory Committee onside, before any approval can be considered.
“Other important components of the application may depend upon the understanding of the potential competitive landscape with other applicants, which may only be gauged after these processes have been completed,” the statement added.
“Due to these timing nuances, the board will not impose artificial deadlines in today’s RFA issuance other than the due date for the first round of questions (February 3, 2023) and the return date (30 days from the board’s response to the second set of questions).”
Numerous Applicants in the Pipeline
It is understood that there is a considerable amount of interest in a New York casino license, with a joint bid expected from Thor Equities, Saratoga Casino Holdings, and The Chickasaw Nation and Legends, all said to be interested, with Coney Island the location that has been identified.
“For more than a generation, Coney Island has been waiting for a year-round economy that creates not just jobs – but careers,” a joint statement read.
“Our partnership is unique, combining unrivaled gaming expertise, an unsurpassed track record in entertainment, and a commitment to serving the local community like no other.
“We look forward to submitting our bid and setting a new standard in economic revitalization and resiliency for New York.”
Meanwhile, it is likely that this will stir up a response from the likes of Caesars, which has already begun plans on a casino in the heavily populous area of Times Square, with much controversy over this already.
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