New York casino license fees to reach $1bn
According to the released a budget proposal, potential fees could double the previous expectation.
The Empire State operators could face a $1bn licensing fee for its downstate New York casino, twice the amount that had been previously anticipated.
The state gaming commission recently released a budget proposal, which laid out the potential fees for a license and when those fees are due.
The proposal stated that the state gaming commission “shall determine a licensing fee to be paid by a licensee within thirty days after the award of the license which shall be deposited into the commercial gaming revenue fund; provided however that such licensing fee shall be no less than one billion dollars per license.”
Under the terms of the proposal, the state gaming commission must issue a request for applications no later than July 1. The submission deadline once applications are submitted would be no later than 60 days from the application date.
Licenses must be awarded on or before December 1 under the new proposed budget. Fees would also have to be paid on or before this date. Permits would be issued for an initial 10-year span, with renew periods issued under the discretion of the state regulator.
Several casino brands have shown interesting in obtaining licenses to operate in New York City, including MGM, the Shinnecock Tribe, Bally’s, Genting Malaysia, Wynn, Las Vegas Sands and Jason Ader-led SPAC 26 Capital Acquisition and Philippine casino operator Okada Manila.
Two of these brands – MGM and Genting – are expected to have licenses granted for updates to their existing casino. This would allow both the Empire City and Resorts World slots casinos to be upgraded to full casinos.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
