2023 New York Laws › PML - Racing, Pari-Mutuel Wagering and Breeding Law › Article 13 - Destination Resort Gaming › Title 2 - Facility Determination and Licensing: Upstate Gaming Facilities › 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.