Billionaire and real estate tycoon Jeffrey Gural is pretty keen on constructing a casino in New York. Gural had applied for a casino license back in 2014 after he submitted a proposal to convert his Tioga County racino into a gambling hall that would have a Las Vegas theme to it.
New York state officials did not buy-into Gural’s proposal and declined his offer. The state gaming association is now in the process of issuing its final four casino licenses and Gural wants to give it one more shot to see if he can secure a casino permit. Gural has submitted a new proposal that has a number of changes and hopes that the proposed amendments will convince New York officials to grant him a casino license.
Gural has promised to invest $50 million and turn his Tioga County racino into a modern casino that has a number of popular games including video slots. Apart from this, he is also willing to invest an additional $32 million from his own pocket, which means the total cost of the proposed casino will be around $195 million in total. Gural made his proposal to the Gaming Facility Location Board at the Jacob K. Javits Convention Center and was the sole presenter vying for a casino license.
Apart from investing an additional $32 million of his own money, Gural also plans to increase seating capacity at the Tioga Downs’ outdoor concert venue and increase the number of hotel rooms from 136 to 161. The proposal estimated that the NY casino will bring in increased revenue for ten consecutive years, which is a very optimistic estimate considering the state of the gambling industry in the United States.
The Gaming Facility Location Board was sceptical of the estimate provided by Gural and stated that these numbers have not been achieved by any other casino in the recent past. Kevin Law, the chairman of the Board stated that the new proposal was a step in the right direction and the board pushed Gural to see if he would be willing to invest additional money from his own pocket.
After the presentation, Gural stated that he was happy to be the only presenter as it showed there wasn’t a lot of competition for the Tioga Downs casino license. He said his team worked hard to address the previous concerns that the board had and he was willing to invest more money from his own pocket, if that was what was required for his to get a New York license. The board is expected to make a decision before the end of 2015.