NY Rac, Pari-Mut Wag & Breeding L § 1315 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 13 - Destination Resort Gaming Title 2 - Facility Determination and Licensing 1315 - Required Capital Investment.

§  1315. Required capital investment. 1. The board shall establish the   minimum capital investment for a gaming facility  by  zone  and  region.   Such  investment shall include, but not be limited to, a casino area, at   least one hotel and other amenities;  and  provided  further,  that  the   board  shall  determine  whether  it  will include the purchase or lease   price of the land where the gaming  facility  will  be  located  or  any   infrastructure  designed  to support the site including, but not limited   to, drainage, utility support, roadways, interchanges, fill and soil  or   groundwater  or  surface  water  contamination  issues.  The  board  may   consider private capital investment made previous to the effective  date   of  this  section,  but may, in its discretion, discount a percentage of   the investment made. Upon award of a gaming license by  the  commission,   the  applicant  shall  be  required  to deposit ten percent of the total   investment proposed in the application into an interest-bearing account.   Monies received from the applicant shall be held  in  escrow  until  the   final stage of construction, as detailed in the timeline of construction   submitted   with   the   licensee's  application  and  approved  by  the   commission, at which time the deposit  plus  interest  earned  shall  be   returned  to the applicant to be applied for the final stage. Should the   applicant be unable to complete the gaming facility, the  deposit  shall   be  forfeited  to  the state. In place of a cash deposit, the commission   may allow for an applicant to secure a deposit bond  insuring  that  ten   percent  of  the  proposed  capital investment shall be forfeited to the   state if the applicant is unable to complete the gaming facility.2. Each applicant shall submit its proposed  capital  investment  with   its  application to the board which shall include stages of construction   of the gaming facility and the deadline by which the stages and  overall   construction  and  any infrastructure improvements will be completed. In   awarding a license, the commission shall  determine  at  what  stage  of   construction  a licensee shall be approved to open for gaming; provided,   however, that a licensee shall not be approved to open for gaming  until   the  commission  has  determined that at least the gaming area and other   ancillary entertainment services and non-gaming amenities,  as  required   by the board, have been built and are of a superior quality as set forth   in  the  conditions  of  licensure.  The  commission shall not approve a   gaming facility to open before the completion of  the  permanent  casino   area.3.  A licensee who fails to begin gaming operations within twenty-four   months following  license  award  shall  be  subject  to  suspension  or   revocation  of the gaming license by the commission and may, after being   found by the commission after notice and opportunity for  a  hearing  to   have  acted in bad faith in its application, be assessed a fine of up to   fifty million dollars.4. The board shall determine a licensing fee to be paid by a  licensee   within  thirty  days  after  the  award  of  the  license which shall be   deposited into the commercial gaming revenue fund. The license shall set   forth the conditions to be satisfied by the licensee before  the  gaming   facility  shall  be  opened  to the public. The commission shall set any   renewal fee for such license based on the cost of fees  associated  with   the evaluation of a licensee under this article which shall be deposited   into  the commercial gaming fund. Such renewal fee shall be exclusive of   any subsequent licensing fees under this section.5. The commission shall determine the sources and total amount  of  an   applicant's  proposed capitalization to develop, construct, maintain and   operate a proposed gaming facility under this article. Upon award  of  a   gaming   license,   the   commission   shall   continue  to  assess  the   capitalization of a licensee for the duration  of  construction  of  the   proposed gaming facility and the term of the license.