The process of bringing three casinos to the downstate area of New York continues, with a board formed and more companies showing interest in licensing. Just after board members were announced for the location and siting of the new casinos were named, a real estate development firm made known its interest in licensing.
Thor Equities appears to be interested in submitting a bid with the boar for a casino on Coney Island. The real estate development, leasing and management firm has amusement district properties that it will reportedly list as possible casino locations.
Is a Bid Coming in 2023?
In the last state budget, Governor Kathy Hochul included three casino licenses for the downstate area. The licenses are not expected to be awarded until next year, but operators and potential shareholders are already showing interest. The venues can be located in the five boroughs, as well as the Lower Hudson Valley and Long Island.
A source for ESNY revealed that Thor Equities will be submitting a bid for licensing in the future. The company has plans to list sections of its Coney Island properties for consideration. The firm owns several properties in the amusement district, and this area has already been zoned for entertainment, amusement, hotels, and retail options.
No additional details are available on Thor Equities, but we expect details to emerge soon as the end of 2022 is coming soon, and a request for applications for licensing will soon be submitted.
Who Will Obtain the Available Licenses?
With three licenses up for grabs, the gaming world is wondering, who will it be? Which companies will be able to land a gaming license in the coveted New York City area? The process of licensing has just begun with members of the board for determination now selected.
The board will need to issue a formal request for application known as an RFA. This will not happen until early next year. It is expected that interest in licensing will be high, so it will take some time to narrow down the choices.
In the license application, interested operators and developers will need to show what they are willing to pay in taxes. A minimum of 25% is required for slots and 10% for gross gaming earnings. A $1 million application fee also applies.
The Gaming Commission will make the final decision of who receives licensing after the board makes its selection from the group of applicants.
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