The New York Gaming Commission has issued a request for information that is charged with gauging interest from operator’s in developing and/or operating one of three casinos in the city region.
This is intended to inform the Commission for the purposes of determining the appropriate size and scope of development, value of the gaming facility license, and process that should be used in award consideration.
Under state law, the regulator can pursue the development of three downstate casinos in New York after a prior policy of former Governor Andrew Cuomo pushed the addition of upstate gaming venues in a bid to create jobs, as well as reduce unemployment in disadvantaged areas.
A deadline for submission of questions is set at November 10, 2021, and final submissions must be in by December 10, 2021. The Commission is obligated to prepare and distribute a report with the results of the RFI to the governor and the state legislature no later than six months after receiving such information.
“The Commission is seeking information to develop a better understanding of interest in the unawarded commercial casino licenses and, if there is interest, what factors should be considered by the state in the development of a process to award such licenses,” the NYGC RFI reads.
“Accordingly, the Commission is issuing this document to draw input from interested and affected parties.”
Adding: “While input from all interested and affected parties is welcome, the statutory directive places greatest significance on those who have an interest in bidding for development of a commercial gaming facility.”
A report by Spectrum Gaming Group in January of this year projected that with the addition of three New York casino, including one new development and two VLT-to-casino conversions, revenue gained could be between $420m-$620m per year, with the state’s economy “estimated to grow by an average annual amount of between $3.7bn and $4.6bn”.
The Commission was directed to issue the RFI pursuant to ‘Part Z of Chapter 59 of the Laws of 2021,’ section one of which reads: “The gaming commission shall issue a request for information for the purpose of soliciting interest regarding the three unawarded gaming facility licenses authorised by the state constitution.
“Such request shall seek information from parties interested in developing and/or operating such gaming facilities which shall inform the commission for the purposes of determining: the appropriate size and scope of development, the value of the gaming facility license, and the process that should be used in award consideration.
“The commission shall prepare and distribute a report with the results of the request for information to the governor and the legislature no later than six months after receiving such information.”