The winners of the tender for the three downstate, land-based casinos in New York won’t be announced until the end of 2025, according to the New York State Gaming Commission.
The authorities confirmed that the lengthy approval process and environmental considerations for the three licences which have attracted submissions from MGM Resorts , Wynn Resorts, Las Vegas Sands and Caesars Entertainment as well as the two current casino operators won’t be concluded until late 2025.
New York officially opened the bidding process for three downstate commercial casinos in January last year. An amendment to the 2013 New York State Constitution permitted four upstate casinos, which are open for business, then three more casinos closer or in New York City at a later date.
Commission Executive Director Robert Williams warned that moving forwards with the licencing tender before the reviews had been done would be an “administrative nightmare.”
“The encumbering of money well in advance of a licensing determination could increase the costs of access to capital markets, which could reduce the proposal’s size and scope,” he said.
Williams added that applicants could ease the process by completing environmental reviews, putting them in a “fulsome” going into 2025. The aim is for the Community Advisory Committees to be ready to analyse to go over the reviews regarding zoning and environmental issues by late summer 2025.
The winners would then have to pay the licence fee at this time, with the hope of unveiling their development in 2026.
“This timeline accommodates the statutory requirements for SEQR and allows sufficient time for local zoning approvals – all to bring forth the best, most comprehensive plans for commercial casino development,” the Commission said.
Source: GMB
