New York’s three commercial gaming licenses have attracted a lot of attention, but Jake’s 58 Casino Hotel on Long Island is not one of the interested parties. In a recent statement, Suffolk OTB, the casino’s parent company, shared that it has no plans to pursue one of its Class III licenses because it operates as a public interest corporation.
Currently, there are three commercial Class III casino licenses in the northern region and will be issued sometime in 2023. At the beginning of the new year, the Game Facilities Location Committee began the launch of an application request to allow officially interested parties to submit proposals for game properties in the region.
In a recent interview, Phil Boyle, chairman of Suffolk OTB, the casino’s parent company, said the company has no intention of pursuing a full game license. He explained that the company operates as a public interest corporation and that gaming revenue is reinvested in local schools and the New York State Department of education and Suffolk County.
He also shared that the current $500 million licensing fee for licenses makes the opportunity for Long Island Game Amenities unrealistic. He explained that prepayment costs also exceed another requirement for the company to invest more than $500 million. Also, because there are many candidates, the property will face fierce competition for licenses.
Currently, Jake’s 58 is one of the most profitable VLT breakrooms in the state, as casinos reported nearly $2.5 billion in fiscal 2021-2022. The property outperformed Resorts World New York City by $628.4 million and Yongkers Raceway’s Empire City Casino by $315.4 million in customer revenue.
Late last year Suffolk OTB announced a $200 million expansion project for Jake’s 58th generation. The plan allows casinos to add 1,000 VLT machines to the game floor. This was made possible after Gov. Cathy Hochul signed a bill that would increase the maximum VLT capacity from 1,000 to 2,000.
Las Vegas Sands should be mentioned as one of the Class III licensing candidates. Recently, the company announced plans to push for a license for a potential casino resort at the Nasau Veterans Memorial Coliseum in Uniondale. The leading company also announced that it has already entered into several partnerships to purchase long-term leases of the site.
The project will showcase world-class casino games that will account for up to 10% of the project’s total square feet. In addition to premium living entertainment venues, there will be outdoor community spaces, 4-star and 5-star hotel rooms. It will also include celebrity chef restaurants, hands-on events and venues, conference and convention spaces, spas, swimming pools and fitness centers.
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