New York's Casino Decision: Board to Choose Downstate Licensees in December
New York's Gaming Facility Location Board is set to decide on downstate casino licenses this December. Initially planned for 2014, the state now considers four proposals after MGM Resorts withdrew from the Empire City casino bid in Yonkers.
In 2013, New York voters approved casino expansion, but a moratorium delayed downstate casinos until 2023. Now, the board evaluates proposals based on economic development (70%), diversity hiring (10%), and anti-money laundering measures. Among the finalists are MGM Empire City in Yonkers, Bally's Bronx, Resorts World New York City, and Metropolitan Park.
Bally's Bronx proposal includes a $60 million lease payment to the Trump Organization, with an additional $115 million owed if the casino is awarded a license. The licensing fee is $500 million, with a minimum tax of 25% on slot gross gaming revenue and 10% on other forms of revenue. The board may award fewer than three licenses this year, depending on the proposals.
The board's decision, expected in December 2023, will shape New York's casino news today. The chosen casinos are anticipated to generate significant tax revenue and create jobs, contributing to the state's economic development.
