Anyone looking to start a New York casino business venture will require a $1 billion baseline minimum, according to regulators.
The New York State Gaming Commission’s Gaming Facility Location Board (NYSGC) ruled as part of a recent meeting that the astonishing fee would be required for any prospective entertainment brands to set up shop in the Big Apple.
NYSGC rules that $1bn is needed to invest
The NYSGC is set to award licenses at the end of June 2025 to the successful applicants, but they must have the mandatory and recently agreed $500 million licence fee accounted for. This fee also goes hand-in-glove with a $500 million minimum capital investment.
The NYSGC ratified both the fee and the minimum capital investment as part of a conference call to finalise the monetary sum required by prospective applicants.
As we have reported, the New York casino scene has been a turbulent environment for entertainment brands looking to expand on the eastern seaboard.
Freedom Plaza, a space designed by the Soloviev Group and its operator partner, Mohegan Gaming and Entertainment, received a 57% approval rate from local voters.
Zoning to develop, and permits to operate in New York have been gathering momentum since 2023, and several high-profile bids have emerged from operators including Wynn, Caesars, and Hard Rock.
Since legalizing online sports betting in 2022, New York has consistently posted record-breaking figures. January 2025 alone saw $2.48 billion wagered and $247 million in revenue — a 15.7% increase year-on-year.
So there is no shortage of demand from gamblers in the state, but communities haven’t all been on board with the decision to open resorts in the heart of the city.
Paul Devlin, co-chair of Manhattan Community Board 4 (MCB4) Clinton/Hell’s Kitchen Land Use Committee, has criticized the NYSGC’s support for entertainment locations.
“It’s disappointing that our government leaders have spent so much time trying to figure out a way to eliminate the production of housing, rather than working towards finding a solution to build a plan that was approved over 15 years ago,” he said.
Featured image: Pixlr AI-generated.
