2023 New York Laws › PML - Racing, Pari-Mutuel Wagering and Breeding Law › Article 13 - Destination Resort Gaming › Title 2-A - Facility Determination and Licensing: Additional Gaming Facilities › 1321-E - Required Capital Investment.

§  1321-e.  Required  capital investment. 1. The board shall establish
  the minimum  capital  investment  for  each  unawarded  gaming  facility
  license.    Such investment may include, but not be limited to, a casino
  area, 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  title,
  but  may,  in  its  discretion,  discount a percentage of the investment
  made. Upon award of a gaming license by the commission,  the  commission
  shall  require the applicant to deposit no less than five percent and no
  more  than  ten  percent  of  the  total  investment  proposed  in   the
  application  into  an interest-bearing account based on the liquidity of
  the applicant. 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  such 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.  The board shall determine a licensing fee to be paid by a licensee
  within thirty days after the selection of the license, provided  however
  that  no  licensing fee shall be less than five hundred million dollars.
  The license shall set forth  the  conditions  to  be  satisfied  by  the
  licensee  before  the gaming facility shall be opened to the public. All
  revenues collected from license  fees  from  gaming  facilities  located
  within  zone  one  shall be deposited to a sole custody fund established
  under the gaming commission, and paid  monthly,  without  appropriation,
  directly  to the metropolitan transportation authority commercial gaming
  revenue  fund  established  under  section  one  thousand  two   hundred
  seventy-j  of  the  public  authorities law. All revenues collected from
  license fees from gaming facilities located within  zone  two  shall  be
  deposited  to  the  commercial  gaming  revenue  fund  established under
  section ninety-seven-nnnn of the state finance law. 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.
4.  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.