Three New York casino may soon rise after NYGC issues RFI

Three New York casino may soon rise after NYGC issues RFI

Three new casino properties may soon rise at the heart of New York City in the coming years. 

It has become a possibility after the New York Gaming Commission issued Thursday, October 21, an RFI or request for information to determine interest among operators to develop a hotel and casino property in the said jurisdiction.

Three New York Casinos Soon?

New York’s casino and gaming regulator stated the RFI is intended to provide the Commission specific information regarding the prospect of establishing a casino in the city region, including the appropriate size and scope of development, the value of the gaming facility license, and process that should be used in award consideration.

Former New York Governor Andrew Cuomo lobbied the addition of upstate gaming venues, which he believed would create jobs and curb soaring unemployment rate in disadvantaged areas. This policy of the former state executive has given the regulator the option to push for the construction of three downstate casinos in New York.

New York Gaming Commission set the deadline for submitting questions on November 10, 2021, and required the final submissions to be submitted by December 10, 2021. The law mandates the Commission to prepare and distribute a report with the results of the RFI to the governor and the state legislature no later than six months after receipt of such information.

Spectrum Gaming Group reported in January that the projected revenue resulting from the addition of three New York casinos, which includes one new development and two VLT-to-casino conversions, could reach between $420m-$620m per year. The state’s economy is also set to benefit should the projects push through with an average annual amount of between $3.7bn and $4.6bn”.

The Commission was directed to issue the RFI pursuant to ‘Part Z of Chapter 59 of the Laws of 2021,’ section one of which reads: “The gaming commission shall issue a request for information for the purpose of soliciting interest regarding the three unawarded gaming facility licenses authorised by the state constitution.

Additional Info from the RFI

“The Commission is seeking information to develop a better understanding of interest in the unawarded commercial casino licenses and, if there is interest, what factors should be considered by the state in the development of a process to award such licenses.”

“Accordingly, the Commission is issuing this document to draw input from interested and affected parties.”

 “While input from all interested and affected parties is welcome, the statutory directive places greatest significance on those who have an interest in bidding for development of a commercial gaming facility.”

“Such request shall seek information from parties interested in developing and/or operating such gaming facilities which shall inform the Commission for the purposes of determining: the appropriate size and scope of development, the value of the gaming facility license, and the process that should be used in award consideration. 

“The commission shall prepare and distribute a report with the results of the request for information to the governor and the legislature no later than six months after receiving such information.”

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.