Fox Team Represents Empire Resorts in Major New York Licensing DealDecember 29, 2014 – Press Releases
Nicholas Casiello, chair of the Gaming Practice Group at Fox Rothschild LLP, successfully led Empire Resorts, Inc.’s Montreign Resort Casino through a competitive bidding process before the New York Gaming Facility Location Board (Board). Sixteen casino projects competed for the four available licenses. Montreign, to be located in the Catskills/Hudson Valley Region of New York, was one of three projects selected to apply for a license.
The other two approved sites are in the Capital Region and the Eastern Southern Tier/Finger Lakes Region. Board Chairman Kevin Law stated that the three approved proposals “are of the right scope, right size and right financing and in the right locales which should help New York State bring thousands of jobs and millions of dollars in economic development to long-distressed regions of the state.”
Montreign is expected, based on gross gaming revenue estimates for 2019 with the blended applicable tax rates, to generate $82.7 million for statewide school aid and/or property tax relief. Further, it is anticipated that, combined, the three approved New York state gaming proposals will create more than 3,600 total direct jobs through combined capital investments of more than $1.3 billion.
Of the 16 casino projects that applied for licenses, the Board determined that Montreign and the other two approved projects best met the requirements of the Upstate New York Gaming and Economic Development Act of 2013. “We have sought to select those proposals that would maximize prospects for sustained success and be in the best overall interest of the state of New York,” Law said in an interview with Law360.
According to the New York Gaming Facility Location Board press release, “Once operational and based on blended tax rates, the facilities anticipate generating $212.4 million annually for education throughout New York state, on top of existing state aid. In addition, each eligible region and host county/municipality will receive between $8 million and $10.3 million annually.”
For more than 30 years, Casiello has practiced all aspects of gaming law, including licensing, acquisitions, compliance plans and investigations and financing. Named as one of the leading gaming attorneys in the world by Chambers Global, Casiello’s clients include casinos, gaming equipment manufacturers and other technology providers, private equity firms and other investors. They were assisted by associates C.J. Fisher and Harry S. Jackson.