Jake’s 58 Casino Hotel on Long Island has made the decision to not pursue one of the three Class III casino licenses that became available in New York this year. Officials at the Islandia casino explained that the high cost of the $500 million licensing fee and the state’s $500 million investment criteria made the opportunity unrealistic for the property.
The New York State Gaming Commission’s Gaming Facility Location Board will be responsible for deciding which bids will receive the coveted downstate licenses. The region is already home to numerous Class II gaming facilities, which include video lottery terminals (VLTs) and electronic table games.
Although Jake’s 58 is not pursuing the full casino license, the casino recently announced a $200 million expansion project that will add 1,000 VLTs to the property. It was also revealed that the casino’s profits from patrons in the 2021-22 fiscal year amounted to nearly a quarter of a billion dollars, coming in second only to Resorts World New York City and Empire City Casino at Yonkers Raceway.
Las Vegas Sands, one of the world’s largest casino operators, has expressed interest in obtaining a Class III license and building an integrated resort at the Nassau Veterans Memorial Coliseum in Uniondale. The company has proposed investing upwards of $4 billion in western Long Island, which is located about 25 air miles west of Jake’s 58.
In addition to Las Vegas Sands, Resorts World NYC and Empire City are believed to be the front-runners for two of the three downstate licenses. There are also expected to be pitches for casinos in Manhattan’s Times Square, East Side, and Hudson Yards, as well as Citi Field in Queens and Coney Island.
