Thor Equities Intends To Apply for NY License
Since the process of introducing the three downstate licenses has been fast-tracked, more and more companies express the intention to own one of those. Thor Equities has shared its plans for submitting a hefty bid to bring a casino property to Coney Island, but the competition is expected to be severe.
Note that a few years ago, the Empire State’s legislature put a moratorium on the three commercial downstate licenses. Still, numerous lawmakers and casino stakeholders recently called for the lift on the moratorium, which led to the state adding it to the 2022 budget.
According to the reports that emerged from the state during the last few days, a real estate development and management firm Thor Equities is preparing a hefty bid to get one of the three licenses in New York. An industry source says Thor Equities has been working on it for a while, but there is a potential issue for the firm — the lack of community support for the project.
In recent weeks there have been some important developments regarding the downstate licenses as the Gaming Facility Location Board was appointed by the New York State Gaming Commission. The Board has to issue a request for applications within 90 days, but it will not consider an application until a project is backed by a community advisory committee. Only after being approved by the local committee and following the formal zoning process being finished will the Board be allowed to review the submitted bids.
The number of candidates is already significant, but two of the three available licenses will be given to Empire State Casino and Resorts World New York City.
As CGS-CIMB Research informed, Genting Malaysia’s Resorts World New York City was a front-runner for one of the licenses. The organization noted that as an existing gaming amenity, it would be able to quickly deploy live gaming tables and promptly generate more revenue for the region.
In other news, the details on Mandalay Bay Resort & Casino remodeling are now unveiled.