$500 Million Needed for NYC Casino

New York State's Gaming Facility Location Board voted Tuesday to increase the minimum capital investment to $500 million for any future casino in New York City.

In addition, the board also increased the licensing fees associated with a new facility to an amount not specified during the public portion of their meeting. The board adopted the revised Request For Application (RFA) and stated it would be available online when "realistically feasible."

Board member Stuart Rabinowitz tied the increased minimum investment to inflation and suggested the length of a license for a casino in the Big Apple "shouldn't be any longer than ten years."