May 12, 2014
A commitment of over $350 million investment is being asked by New York gaming regulators to developers that are interested in building a casino in Dutchess or Orange county.
On Monday, the minimum amount of $350 million was approved by the Gaming Facility Location Board.
However fees from licensing, land costs, and financing of the project can not count towards the minimum amount. It was estimated that it would cost over $472 million to develop the Orange County casino.
Of the four voter approved casinos that can be developed in upstate New York, each area will have a minimum investment amount. This is being done to help each area economically benefit the most from the casino.
The most interest for an area by developers has been for Dutchess and Orange county. This is based off of the locations nearest New York City. Investment commitments for these areas are the highest.
Proposals for the future casinos are being being prepared for submittal.
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