NEW YORK (1010 WINS) — On Tuesday, the New York Gaming Facility Board opened the request for applications for one of three licenses to run a casino in the New York City area.
Application fees are starting at $500 million which is to be paid within 30 days of the license issuance with the license being valid from 10 to 30 years based on how much the winner invests.
While $500 million is the minimum investment, applicants are able to pay a higher license fee which could turn the process into a bidding war favoring big casino brands.
Applicants will be evaluated based on a number of different factors including economic impacts, how many jobs it will create, anticipated revenue and the applicant's commitment to working with minority and women-owned contractors.
Before going to the sitting board, bidders must get approval from local government zoning and land-use committees. Officials believe the bidding process will be completed by the end of the year.
Two slots-only casinos already exist in the New York City area—Resorts World in Ozone Park, Queens and Empire City in Yonkers—and their owners are expected to apply for the licenses to start offering table games.
Other groups have expressed interest in building casinos at different places in the city including Hudson Yards, Times Square, Willets Point in Queens and Coney Island.
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