Racino operators may bid big to open casinos in New York City
$5,000 Welcome Bonus
Racino operators at Aqueduct and Yonkers were expected toput in bids of at least $500 million each to try to win the right to open anyof three new casinos in and around New York City, according to media reportsthis week.
The state Gaming Facility Location Board in New Yorkapproved the terms of engagement Tuesday. It opened the bid process for thethree licenses lasting at least 10 years plus a requirement to invest another$500 million in the building of each casino.
Bidders have until Feb. 3 to declare their interest and sendin questions to start the process. Some already have done so in what isexpected to be a high-level competition between some of the biggest names inthe worldwide gambling industry.
In return for the licenses, the state will get 25 percent ofeach casino’s hold on slot machines and 10 percent from other forms of gaming.
The three added licenses would bring to five the number ofcasinos in and around New York City.
Resorts World New York City was christened in 2011 atAqueduct. Revenue from the racino operated by the Genting Group of Malaysia hasbeen credited for helping to boost purses significantly at Aqueduct, BelmontPark and Saratoga.
Yonkers had a similar infusion thanks to its Empire City Casino,which opened in 2006 at the track just outside the Bronx and is owned by MGM.
Not only were Genting and MGM expected to be among the suitorsmaking bids for the new licenses, they were widely seen as having an advantage.An October report in the New York Post said Gov. Kathy Hochul and herfellow Democrats in the state legislature wrote language into the upcoming budgetgiving an edge to bidders who already had experience in operating gamingestablishments in the state.
As for competing bidders, Bally’s, Hard Rock International, LasVegas Sands, Rush Street Gaming, UE Resorts International, the Wager Club and WynnResorts already have written proposals to the state, according to Politico.
