Caesars Entertainment to pursue New York gaming licence
Land-based gaming operator Caesars Entertainment has unveiled plans to pursue one of the four available licences to develop a resort casino in the US state of New York.
Caesars, which has submitted an application fee to the New York State Gaming Commission, has reached a preliminary agreement for a ground lease in Woodbury, Orange County, under the control of developer David Flaum.
The news comes after New York Governor Andrew Cuomo led a campaign to expand gambling in various upstate New York communities in order to boost the economy, as well as generate more tax revenue and create new jobs.
Caesars and Flaum are now in the process of finalising definitive agreements and will work together to secure the required permits and approvals associated with the project.
The proposed resort would be situated on 121 acres of land in Woodbury, approximately 50 miles north of New York City, and would include a hotel, restaurants, bars, retail and entertainment and meeting space.
Caesars will now pursue acceptable financing for the proposed project, which may include the Caesars Growth Partners joint venture between Caesars Entertainment and Caesars Acquisition Company.
If included, Caesars anticipates that Caesars Growth Partners would make the capital investment associated with the project while Caesars Entertainment would act as the operator and sharing in the management fee for the project.
"Woodbury is already a well-known destination thanks to the world-class shopping at Woodbury Common," Caesars Entertainment chief executive officer Gary Loveman said. "The site is ideally suited for the development of a resort casino given its proximity to transportation and other attractions.
“We are delighted to be collaborating with David Flaum, whose vision and experience, will play a crucial role as we work to design and develop a project that fits well with the surrounding community."
In a statement, Flaum said: “As we continue to build strong support from a broad array of local stakeholders, we look forward to working in partnership with all elected leaders and community members to ensure robust economic growth for the region.
“Our shared goal is to create the most successful project possible to generate a strong and steady stream of funding for our schools and communities."