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Deadline Passes for Bids for NY Casino Licenses

Deadline Passes for Bids for NY Casino Licenses

Competition for the four New York state casino licenses is expected to intensify as numerous big names, such as Caesars and Genting, compete for access to New York City’s 8.3 million residents.

Deadline Passes for Bids for NY Casino Licenses

The deadline has passed for applications to be submitted for one of New York’s four new casino licenses.

All the bids were due at the state Gaming Commission by the end of June.

Initially there were expected to be 22 applications but at least three are known to have dropped out including Foxwoods Resort Casino of Connecticut.

The most hotly sought after region approved for casinos is the Catskill Mountains-Orange County area, parts of which are just 50 miles from New York City.

The gaming commission has said it will chose winners before the end of the year.

Comptroller Thomas DiNapoli has said that economic development and potential tax revenue will make up 70% of the judging criteria. However, according to the acting executive director of the commission, Robert Williams, Orange County won’t carry an advantage over the Catskills despite its proximity to the metropolitan area.

In a letter earlier this month, Williams wrote that the intent of the law “is to provide maximum benefit to the state through bringing economic benefit to municipalities that have been economically disadvantaged.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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