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Old Posted Oct 4, 2022, 2:53 AM
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Quote:
…..Among the competing bids are one by Wynn Resorts and Related Companies to build a casino at Hudson Yards in midtown Manhattan; a plan by Coney Island mogul John Catsimatidis to team with Thor Equities to build in the Coney Island section of Brooklyn; a notion by Bronx assemblywoman Amanda Septimo to build in the Hunts Point area of that borough; Mets owner Steven Cohen’s vision of building a casino at Willets Point near Citi Field in Queens; and competing bids by the Shinnecock tribe and Legends Entertainment, partially owned by the Yankees, to build in Long Island.

In April, New York State approved the NYSGC to issue three Class III licenses to create three full-service casinos in the downstate region. New York mayor Eric Adams, who will have a seat on the location board, has said he would like two of the casinos located inside the city limits.

…..The gaming location board will determine the minimum capital investment requirements of each of the bids, as well as whether it may include the price of the land where the facility would be located. By law, the license fee will be no less than $500 million. The tax rate has yet to be determined by the gaming commission, but will instead be part of a competitive application process, so long as it is at least 25% for slots and 10% for other gross gaming revenue.
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