Developers must pay big money to start a casino in New York – New York Daily News
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ALBANY — Developers will need to ante up big money to get in on casino gaming in New York.
State officials on Monday revealed “minimal capital investments” that casino developers will need to put up to operate in New York.
The amounts range from $70 million for projects in some upstate areas to $350 million in the much-sought-after Catskills region.
The minimum investments cover about 65% of the total money developers would spend and include the cost of the casino, at least one hotel and other amenities.
Total investments, which include licensing fees and financing costs, would reach as high as $472.5 million, state officials estimated.
Vin Narayanan, managing editor of Casino City, a Massachusetts-based research outfit, said the state’s estimates were reasonable, noting some players have already announced plans to spend as much or more than the state estimated.
Caesars has proposed building a $750 million gaming resort in upstate Woodbury while Claremont Partners wants to build a $470 million resort on the grounds of the old Nevele hotel near Ellenville.
Narayanan said it could take years for the developers to recoup their investments because of the stiff competition in the Northeast gambling market.
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