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November 22, 2014

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New York sets $350M minimum investment for new casinos

ALBANY, N.Y. — New York gambling regulators say developers proposing casinos in Orange or Dutchess counties must commit to investing more than $350 million in the project.

The state's Gaming Facility Location Board on Monday approved the required minimum investment for each region now authorized to host a casino.

The minimum investment doesn't include costs for land acquisition, financing and licensing fees. The board estimates the total investment for an Orange County will exceed $472 million.

Developers are now finalizing proposals to build one of four casinos authorized for upstate. The minimum investment thresholds vary by region and are intended to maximize the casinos' economic impact.

The highest minimums are in Orange and Dutchess counties, which have attracted the most interest from developers because they're close to New York City.

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