Companies seeking to build a casino in New York City (NYC) may now submit their proposals after the New York Gaming Facility Board issued a Request for Applications for three gaming licenses in the city.
NYC Casino Bidding Process Now Open
In its first public meeting on January 3, 2023, the Board agreed to set the minimum license fee and capital investment at $500 million for the potential bidders. Any project would need to obtain community approval first and must pass zoning requirements before being considered by the Board.
No official deadlines have been announced yet other than the due date for the applicants’ first set of questions which is on February 3, 2023.
Competition Heats Up
Among the proposed locations for a new casino in NYC is Times Square, the city’s most famous landmark. SL Green and Caesars Entertainment are joining forces to build a casino in the area, with Jay-Z’s Roc Nation picked as entertainment partner.
MGM Resorts and Malaysia’s Genting Group which operate racinos in Yonkers and Queens respectively are also expected to submit their bids and both are seen as having an advantage considering that they will only need to expand their venues instead of constructing a new casino.