New York City Casino License Fee Set at $500 Million

The three available licenses will be issued for terms of between 10 and 30 years

by - Thursday, January 5th, 2023 10:39

New York Casinos

The New York Gaming Facility Board has unanimously voted to issue a Request for Applications for up to three casinos in New York City.

The RFA reveals that each license will be valid for a period of between 10 and 30 years based on the total investment proposed by the license applicant. All successful applicants will also be required to pay a fee of at least $500 million to secure a license.

In the RFA filing, the board said:

“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.”

During the meeting, the board noted that any successful applicant must ensure that all staff members are paid livable wages that will allow employees to live locally and support a family in New York City.

The RFA also added:

“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.

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).”

In response to the announcement, a consortium comprising Thor Equities, Saratoga Casino Holdings, The Chickasaw Nation and Legends, reiterated its intention to apply for a license and develop a casino resort at Coney Island.

In a statement, the consortium said:

“For more than a generation, Coney Island has been waiting for a year-round economy that creates not just jobs – but careers. Our partnership is unique, combining unrivalled 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.”

Ciaran McEneaney

Based in Galway, Ireland, Ciaran has over a decade of experience writing for some of the biggest names in the sports-betting, gambling, poker & casino industries. Ciaran focuses on the regulated & unregulated global gambling industry at CasinoNewsUSA.com and GamblingIndustryNews.com

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