Governor Andrew Cuomo traveled to Schenectady and Sullivan Counties on Thursday to celebrate the Gaming Facility Location Board’s decision regarding the new resort gaming destinations that were selected for each of the regions. The Governor joined local leaders to highlight the new jobs and investment, as well as revenue for local governments and school districts that will come to the regions as a result of these facilities.
“With yesterday’s decision by the Gaming Facilities Location Board, New York State is a step closer to realizing the economic benefits of resort gaming destinations,” Governor Cuomo said. “These projects – all funded entirely by private developers – will create thousands of local jobs, drive economic development in surrounding communities, support small businesses, and create new tax revenue to support local governments and school districts.
I congratulate the winning bids and host communities, and commend the members of the Gaming Facilities Location Board for their hard work.” The Governor said that New York City gets 50 million tourists a year. Let’s get some of those tourists to come north.
The Gaming Facility Location Board recommended three applications for review by the New York State Gaming Commission:
Montreign Resort and Casino, to be located in Sullivan County
Rivers Casino & Resort at Mohawk Harbor, to be located in Schenectady County
Lago Resort & Casino, to be located in Seneca County
With a combined capital investment of more than $1.3 billion, it is expected that the three casinos will create more than 3,600 permanent jobs, with about 1,300 in Schenectady County, 1,050 in Sullivan County, and 1,250 in Seneca County. Construction will require nearly six million man hours, creating thousands more jobs.
The Governor signed legislation in July 2013 mandating that 80 percent of the State’s net tax revenue from casino gaming be used for elementary and secondary education in addition to existing state aid or property tax relief. In addition, 10 percent of the State’s gross tax revenue will go to each applicable region where the casinos are sited for local government help, and 10 percent to be split between the host county and host municipality. Based on the estimates of the applicants, these facilities will generate $212 million annually for education, and each eligible region and host county/municipality will receive between $8 million and $10.3 million annually. Licensing fees are expected to produce $151 million.
The location of these resorts were selected competitively based on the economic development impact of the resort, and were restricted to three regions of the state: the Hudson Valley/Catskills Region, the Capital Region and the Eastern-Southern Tier/Finger Lakes Region. No destination gaming resorts were to be authorized in Westchester, Rockland, Putnam, New York City, Long Island or Indian exclusivity zones, and there will be a 7-year exclusivity period during which no further destination gaming resorts will be licensed by the State.
Proposal One, overwhelmingly approved by New York voters in November of 2013, authorized the state legislature to approve up to seven destination gaming resorts in the state.
Montreign Resort Casino in Sullivan County
Adelaar would be a $1.1 billion investment by Empire Resorts, Inc. and EPR Properties, and would include an 18-story casino, hotel and entertainment complex titled the “Montreign Resort Casino,” with 2,150 slot machines, 61 table games, and 391 hotel rooms. They would also build an 80,000 square foot indoor waterpark lodge, 200,000 square foot entertainment village, and golf course.