NYS Casino Regulator Sets Minimum Investment Amounts
ALBANY, N.Y. (AP) and (WAMC) — New York gambling regulators say developers proposing casinos in Orange County must commit to investing at least $350 million in the project.
The state's Gaming Facility Location Board Monday approved the required minimum investment for each region authorized to host a casino. If no casino is chosen for Orange County, the board says the remaining portion of the region, which includes Sullivan and Ulster Counties, would carry a $130 million minimum investment. If a casino license is awarded for Orange County, then Sullivan and Ulster would carry a $100 million minimum. The minimum investment does not include costs for land acquisition, financing and licensing fees. The board estimates the total investment for a casino resort in Orange County will exceed $472 million. Orange County Executive Steve Neuhaus says areas such as Newburgh have serious underemployment, and can benefit from gaming and resort development.
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