MGM Resorts and Genting are the first operators to move forward with downstate New York casino license applications.
With the latest being that casino applicants in New York might not hear about updates until early next year, MGM Resorts and Genting are now the first operators to move forward to the next stage of the process. Both have received approval from their respective Community Advisory Committees on Thursday.
The two operators are proposing to expand their existing VLT casinos into more expansive resorts. For MGM, the committee voted unanimously to advance the $2.3 billion proposal, after the company added multiple funding initiatives to its application during the review process. That adds nearly $117 million in additional projects that will help to improve the neighborhood of Yonkers and beyond.
Genting also gained unanimous approval from the committee for its plan to expand Resorts World New York City. The $5.5 billion proposal includes a 5,600,000sq.ft integrated resort made up of 6,000 slot machines, 800 gaming tables, 2,000 hotel rooms, a 7,000-seat arena, and more than 7,000 parking spaces.
New York casino licenses are a busy market
Eight bidders have also been vying for the chance to build the city proper’s very first casino throughout the summer. The state plans to issue up to three licenses, forcing developers into a battle to come out on top. The community approval process has been underway throughout the summer, with public hearings taking place throughout July and August.
MGM Resorts and Genting are the first two out of the eight to make it to this stage of the process. That leaves Caesars Palace Times Square, Freedom Plaza, Avenir, Coney Island, Hard Rock’s Metropolitan Park proposal, Bally’s Bronx, and Empire City Casino trailing behind for now.
With billions of dollars in future profits on the line, the developers will still be working hard to get their proposal into a winning spot.
Featured image: Public Domain Pictures, licensed under CC0 1.0
The post MGM Resorts and Genting are the first to move forward with New York casino licenses appeared first on ReadWrite.
Â
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.