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US$1bn New York Casino Licence
Te price of owning a New York casino licence has been pitched at $1bn by the state Senate’s budget, twice as much as previously anticipated.
“We need to understand what the tax is going to be, what the licensing fee is going to be.” MGM Resorts International CEO and President, Bill Hornbuckle
US LAND-BASED
NEVADA – Las Vegas is to be the new location for the third race in the Formula 1 Grand Prix season for 2023. The Las Vegas Grand Prix will be a 3.8-mile track that will include a portion of the Strip. The night race joins the US Grand Prix in Austin, Texas, and the new Miami event, which makes its debut in May this year. F1 president Stefano Domenicali said: "This is an incredible moment for F1 that demonstrates the huge appeal and growth of our sport with a third race in the US."
The move is the culmination of more than three decades of F1 trying on-and-off to secure a race in Las Vegas that incorporates the Strip as part of the track layout, helped by dropping Russia from the list.
ILLINOIS – The new Golden Nugget Danville casino has received preliminary status from the Illinois Gaming Board with the hope it will open in early 2023. Danville Development, the company behind the Golden Nugget, is to build a 41,500sq.ft gaming floor to house 500 slot machines, 14 table games, and two restaurants as well as a retail sportsbook.
Golden Nugget Danville joins four other approved casino projects in Illinois. Only Chicago is still in the casino selection process. The Illinois Gaming Board has already issued its Determination of Preliminary Suitability for American Place in Waukegan, Hard Rock Casino in Rockford, Wind Creek Illinois in South Suburbs and Walker’s Bluff Casino Resort in Williamson County.
US – Further strengthening its roster of compliance and technology leaders, Gaming Laboratories International has welcomed four professionals to its client services team. The new team members are Gabriel Benedik, client solutions executive; Ross Edwards, technical compliance account executive; Jamie Garcia, account executive; and Kevin Stich, client services coordinator, client services team.
“As the leading company in the gaming compliance industry, we are continually looking to augment our experienced and talented staff. The expertise and insights these new team members bring to GLI will help our clients get where they need to be, no matter where they are in the process or the world,”
said James Maida, President and CEO. “Gabriel, Ross, Jamie, and Kevin each bring powerful, dynamic, and nuanced individual experience that will serve to enhance our global expertise.”
P26 WIRE / PULSE / INSIGHT / REPORTS
Te price of owning a New York casino licence has been pitched at $1bn by the state Senate’s budget, twice as much as previously anticipated.
Te budget reads: “Te New York State Gaming Commission’s siting board shall determine a licensing fee to be paid by a licensee within 30 days after the award of the licence, which shall be deposited into the commercial gaming revenue fund; provided, however, that such licensing fee shall be no less than one billion dollars per licence.”
Te budget proposal, outlines that the state Gaming Commission need to issue a request for applications by July 1, 2022, with a submission deadline of 60 days later.
Senator Joe Addabbo said: “We’re staring at roughly $2.5 to $3bn in revenue and educational funds and good jobs. We know the value of having a gaming licence in New York, especially downstate. Tere’s an entity out there willing to pay $1bn upfront.”
Te licences would be awarded by December 1, 2022, with 10 year licences being issued. Both Genting’s Resorts World at Aqueduct race track
Atlantic City’s casinos closing in on pre- pandemic revenues
New Jersey
Atlantic City’s nine casinos saw revenues surge by 43 per cent in February, compared to last year, finishing just behind February 2020’s figures, the last month before lockdowns kicked in, with every casino enjoying increases.
Te Borgata led the way with $94.3m, up 39.5 per cent, followed by the Hard Rock with $44.7m, marking an increase of 53 per cent and Ocean Casino with $30.8m, up 41 per cent. Te state Division of Gaming Enforcement revealed that the New Jersey casino sector won $212.4m month around three per cent less than February 2020.
Joe Lupo, President of the trade organisation and also of the
in Queens and MGM Empire at Yonkers racetrack want to apply for a full casino licence to expand their gaming floors with table games.
Resorts World’s CMO Darlene Monzo said: “A fully fledged New York casino has been our vision for the last 10 years. Genting didn’t come to New York to have a place with slots. Te vision was always that we have one of the largest slot floors in the country, 6,500 slots on the Queens property, and we have a full-service casino up at the Catskills. But the dream, the vision was to always have it in New York City, and we have such great support from the Queens area.”
MGM Resorts International CEO and President Bill Hornbuckle, said: ““If we do it, I would say the way it was done in National Harbor, where you have an opportunity to create great jobs, a great environment, a great property because the tax ultimately and the fee is reasonable enough to allow us to do that, you’re looking at a spend somewhere in the $1.2 to $1.3bn phase 1, give or take. We have 97 acres there. We go back and forth with what kind of things we might want to put there. We could see quickly in the existing environment a couple of hundred tables.”
Hard Rock casino, said: “Te Casino Association of New Jersey is very pleased with the industry’s performance this past month. February was one of the best months the industry has had since our casinos reopened in 2020. We attribute this growth in part to the warmer weather we experienced at the Jersey Shore after the record snow fall in January.”
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, said: “Popular holiday weekends such as Presidents’ Day and Valentine’s Day, and waning public concern for public health threats related to the pandemic may have given a boost to brick-and-mortar gaming figures. Further relaxation of Covid-19-related precautions nationwide gives us hope that spring 2022 will return operators to a pre- pandemic operating environment.”
US
Caesars Sportsbook has announced the launch of a new horse racing account wagering app, Caesars Racebook. Available for download, Caesars Racebook utilises the NYRAbets platform to provide bettors with pari-mutuel wagering services on premier horse racing content from more than 250 tracks around the world. Caesars Racebook offers wagering on marquee horse racing events in the US, as well as international tracks. Te new app will also offer players the additional benefits of NYRA Bets, including race replays, handicapping etc. “Following our successful roll out of Caesars Sportsbook, we’re delighted to launch Caesars Racebook in partnership with NYRA Bets,” said Dan Shapiro, Senior Vice President and Chief Development Officer of Caesars Digital. “NYRA conducts world- class horse racing and NYRA Bets has access to the best horse racing content.”
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