Minimum Investments for Casinos in New York Set; Range is from $70-$350 Million
The minimum investment limits for casinos in New York have been set by the New York State Gaming Commission.
The largest investment requirement is in Orange or Dutchess County with $350 million set as the limit. The lowest would be in the Souther Tier. A casino license there will cost at least $70 million.
It takes $1 million just to apply for a license in the state. To date more than twenty applications have been received. Since the commission has released its requirements the applicants have five days from the announcement to withdraw potential bids.
Completed applications are due by June 30, 2014. Awards of licenses are expected to be announced in the fall.
The New York State Gaming Location Board, in the Request for Applications to Develop and Operate a Gaming Facility in New York State – Determination of Minimum Capital Investment, says that the requirement reflects about 65% of the total investment that investors are expected to make to open the gaming facilities.