Three commercial game licenses in New York have attracted a lot of attention, but Jake's 58 Casino Hotel on Long Island is not one of the interested parties. Suffolk OTB, the casino's parent company, said in a recent statement that it has no plans to pursue one of its Class III licenses as it operates as a public utility.
There are currently three commercial Class III casino licenses in the Downstate area and will be issued sometime in 2023. Early in the new year, the Game Facilities Location Committee officially launched the "Request for Applicants" so stakeholders could submit proposals for local game properties.
Phil Boyle, chairman of casino parent Suffolk OTB, said in a recent interview that the company has no intention of pursuing a full gaming license. He explained that the company operates as a public utility and that game revenues are reinvested in local schools and the New York State Department of Education and Suffolk County.
He also explained that the current licensing cost of US$500 million for licenses is making Long Island Game Amenities' opportunities unrealistic, and that the upfront cost also exceeds another requirement for companies to invest more than $500 million. Also, the property will face serious licensing competition due to a large number of candidates.
Currently, Jake's 58 is one of the most profitable VLT branches in the state, as the casino reported nearly $2.5 billion in fiscal 2021-2022. The property has outperformed only the Empire City Casino on Yongkers Raceway with $628.4 million in Resort World New York City and $315.4 million in patron revenue.
Late last year, Suffolk OTB announced a US$200 million expansion project for Jake 58. The plan allows casinos to add 1,000 VLT machines to the gaming floor. This was possible after Gov. Cathy Hochul signed a bill that would allow the maximum VLT capacity to be increased from 1,000 to 2,000 units.
It should be noted that Las Vegas Sands is one of the Class III license candidates. Recently, the company announced plans to pursue licensing for potential casino resorts at Uniondale's Nassau Veteran's Memorial Coliseum. The leading company has also informed us that it has already entered into several partnerships to purchase long-term leases of the site.
The project includes world-class casino games, which account for up to 10% of the total square foot of the project. Outdoor community space, 4-star and 5-star hotel rooms and premium life entertainment venues. It also includes famous chef restaurants, hands-on events and venues, conference and convention spaces, spas, swimming pools, and fitness clubs.
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