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NYS will Charge $500M for a Casino License
According to new state-approved laws, the licensed casino operators in New York City will have to pay a $500 million fee. Just recently, the New York Gaming Facility Board released a request for applications. Within this request, casino operators found the typical rating system for casinos, as well as the steep fee, which must be paid out within a month of acquiring the license.
The Nature of the Fee
While the fee may seem steep at first, it gets even higher once you consider the system. You see, the applicants may even bid for a higher fee, which would increase the number of years their license is good for. The goal seems to be to separate legit businesses with an income from pretenders who just need a quick license. However, some have issued concerns that the new rule is heavily biased toward already successful casinos and chains.
Regardless, the NYGFB has stuck with this new rule. The way it works is very simple. The initial license issued by the New York Gaming Facility Board will run for ten years minimum. However, depending on the bid of the establishment, it may increase to 15, 20, and even 30 years. Naturally, the state revenue depends on the value of these bids.
Of course, before any fee is paid out or proposed, the applicants must obtain the necessary approvals from the local government. Next, they must also get the go-ahead of the community, namely, community representatives. Only then will they be given a chance to place a bid for an NYGFB-issued license. And it is precisely for this reason that there is no deadline for the decision that a license should be awarded.
Coney Island Casino in the Running
Just yesterday, Tuesday, Jan 3, a group that is planning a casino in Coney Island made a statement, saying that they will submit a bid for a license. The group is actually made up of numerous firms, including Chicksaw Nation, Legends, Thor Equities, and Saratoga Casino Holdings.
They are planning a casino, hotel, and entertainment establishment built on Coney Island. The goal is for the establishment to be fueled by private investments rather than taxpayer dollars.
Should this business see the light of day, the community, as well as the state, will see an economic boost, as the casino will provide jobs to the local community and generate quite a bit of traffic and tourism. Best of all, the casino and hotel will be open all year round, providing a steady income to the employees. The Coney Island group said in a recent statement that “For more than a generation, Coney Island has been waiting for a year-round economy that creates not just jobs – but careers.” Hopefully, if this new casino idea goes through, they will accomplish in doing just that.