$1bn sought for a New York casino

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A $1bn licensing fee for a downstate New York casino is being sought by the state Senate under its proposed budget for the fiscal year ending March 31 next year.

That is double the previously expected rate of $500m. The state gaming commission would determine a licensing fee within 30 days after a licence is awarded, but no fee should be less than $1bn, the proposal said.

MGM, the Shinnecock Tribe, Bally’s, Genting Malaysia, Wynn, Las Vegas Sands, Jason Ader-led SPAC 26 Capital Acquisition and Philippine casino operator Okada Manila are all interested in a New York City area casino licence.

MGM and Genting are widely expected to win licences to expand their Empire City and Resorts World slots casinos into full casinos.

Source: Fantini’s Gaming Report

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