Tuesday, May 13, 2014
 

 

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State casino board sets minimal capital investment by casino bidders

ALBANY – The Gaming Facility Location Board has established a minimum capital investment of $350 million for any proposal to build a casino in Orange or Dutchess counties. At present, there are six proposals in Orange and none in Dutchess.

If a licensee is awarded in Dutchess or Orange counties, proposers in the remaining counties in the Hudson Valley/Catskill region would need a minimum capital investment of $130 million.

Orange County Executive Steven Neuhaus believes his county, because of its closer proximity to the New York metropolitan area.

“I don’t know one project that they are looking at in Orange County that is being proposed for less than that amount, so we are definitely in play,” Neuhaus said.  “Orange County is going to have a lot of very competitive applications.”

Facility investment must include the cost of a casino area and at least one hotel and other amenities.

Four casinos will be selected in three areas of New York State.

Total project cost in Orange or Dutchess would have to be $472.5 million at minimum while in Sullivan and Ulster counties, the other two with prospective bidders, would need a total minimum investment of $175.5 million.