New York responds to first in-state casino inquiries
In a lengthy 103-page document released Wednesday, the New York State Gaming Commission (NYSGC) and Gaming Facility Locating Board (GFLB) responded to hundreds of requests filed earlier this year by companies seeking to compete for three casino licenses in the state. a question.
Responses covered a range of topics, including applicant formats, background checks, capital investments, forming community advisory committees and more. Regulators also said they would notify applicants of any errors in their applications.
If an applicant makes a good faith effort to submit a complete application, staff will provide the applicant with ongoing notification when deficiencies are discovered and decisions are made,” the Q&A document states.
Second-round applicant requests are due on October 6, but the NYSGC has not yet set a deadline for responding to these requests. Eleven companies, including some of the gaming industry's biggest players, are vying for three casino licenses in the New York City area.
There are no secrets to New York casino plans
License applicants hoping to keep details of their plans private may be disappointed, as regulators note that applications are subject to state Freedom of Information laws.
"The application, supplements and related materials are considered public records under the New York State Freedom of Information Act," the NYSGC added.
Most bidders can probably handle this because they have made their intentions known. For example, Caesars Entertainment Inc. (NASDAQ: CZR) and real estate partner SL Green have publicly discussed some plans related to its Times Square proposal, while Las Vegas Sands Corp. Ticker: LVS ) discussed some elements of its Long Island bid.
Other big-name companies vying for the license include Bally's, Hard Rock International and Wynn Resorts (NASDAQ: WYNN ). Although not discussed in the Q&A document, there is strong speculation that three licenses have been awarded to Resorts World New York in Queens and MGM Resorts International's (NYSE: MGM) Empire City casino in Yonkers two of them.
Important details about New York casinos still missing
While the initial response from the New York regulator was insightful to operators, it took approximately six months to receive a response, and as noted above, the Gaming Commission made no mention of when a second round would be released Survey responses. Additionally, the initial response lacked details, including guidelines regarding Community Advisory Committees (CACs). GFLB acknowledges that guidance on this has not yet been developed and no timetable has been provided for this.
It is important for operators to establish a CAC agreement as zoning and CAC approvals are required before GFLB can evaluate the proposed northern casino site.
New York regulators have the onus to speed up the process because the recipients of the three casino licenses will have to pay $500 million upfront, resulting in a $1.5 billion hit to the state's coffers. That’s in addition to at least $500 million provided for the project itself. This does not include income from temporary construction contracts and permanent positions at event locations.
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Source: www.casino.org