The ante has been set for the biggest real estate poker game in NYC this year: the New York Gaming Facility Location Board (GFLB) has established a minimum bid of $500M from developers competing for one of three downstate casino licenses.
The board began the formal bidding process by releasing a request for applications (RFA) on Tuesday which stipulates that casino bids require a $500M licensing fee as a minimum capital investment.
As in any poker game, the players can raise the ante by proposing projects involving much larger investments. The board's RFA also indicated that the length of licenses will range from 10 to 30 years, depending on the size of the investment in the winning bids.
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