Yahoo Finance Long Island casino to break ground on $210 million expansion to stay ahead of competition
Suffolk OTB will break ground on a $210 million expansion of Jake’s 58 Casino Hotel ahead of its competitors vying for the coveted NYC casino licenses.
“We’re not vying for one of the licenses, and as a matter of fact, I think that wherever those casinos are located, we are going to be able to compete very well,” Suffolk OTB CEO Phil Boyle told the Post.
The expansion — the first since the casino opened in 2017 — is expected to increase annual revenue by as much as 42% and double terminals to 2,000 and increase parking from 600 spaces to close to 2,000.
“We are going to basically double the size of the current Casino,” Boyle explained adding that they’re one of two government-owned casinos in the United States.
“And all of our profits, for the most part, go to the New York State Education Department and to our host county of Suffolk County on Long Island.”
Last month, state regulators said they won’t decide on the new casino licenses in the New York City area until 2025 — pushing the earliest a gaming facility could open in the metro area to some time in 2026.
“So I’m hoping that we will be able to have a ribbon cutting on the newly expanded Jake 58 before the other casinos even start building and we have a very loyal following,” Boyle said.
Potential bidders for the NYC licenses include Las Vegas Sands Corp., Wynn Resorts Ltd. and financier Steve Cohen, who has partnered with Hard Rock International.
Under New York’s casino law, winners of the licenses will pay a one-time $500 million fee to the state and bidders are expected to compete based in part on how much they are willing to pay in taxes.
