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Suffolk OTB Embarks on $210 Million Expansion of Jake’s 58 Casino Hotel
Edited by: TJVNews.com
Suffolk Off-Track Betting (OTB) is set to embark on a monumental $210 million expansion of Jake’s 58 Casino Hotel, positioning itself ahead of competitors in the race for coveted casino licenses in New York City, as was reported on Sunday in the New York Post.
While Suffolk OTB is not directly vying for one of the licenses, CEO Phil Boyle is confident in the casino’s ability to compete effectively regardless of the location of the new casinos. “Wherever those casinos are located, we are going to be able to compete very well,” Boyle affirmed in an interview with the Post.
The ambitious expansion project marks the first significant upgrade since Jake’s 58 Casino Hotel opened its doors in 2017. According to the Post report, the expansion is anticipated to boost annual revenue by up to 42%, with plans to double the number of terminals to 2,000 and increase parking capacity from 600 spaces to close to 2,000.
Boyle outlined the scope of the expansion, highlighting plans to effectively double the size of the current casino. The Post report noted that he emphasized that Jake’s 58 is one of only two government-owned casinos in the United States, with a significant portion of profits benefiting the New York State Education Department and Suffolk County, where the casino is located.
The timing of Suffolk OTB’s expansion coincides with recent announcements from state regulators, who indicated that decisions on new casino licenses in the New York City area will not be made until 2025, as per the information in the Post report. This delay pushes back the earliest possible opening of a gaming facility in the metro area to 2026. Boyle expressed optimism about the timeline, aiming to have the expanded Jake’s 58 up and running before competitors even begin construction.
Indicated in the Post report was that among the potential bidders for the NYC licenses are industry giants such as Las Vegas Sands Corp. and Wynn Resorts Ltd., as well as financier Steve Cohen, who has partnered with Hard Rock International. Bidders will be evaluated based on various criteria, including their willingness to pay taxes and fees to the state.
Under New York’s casino law, winners of the licenses will be required to pay a hefty one-time fee of $500 million to the state, making the competition fierce and the stakes high.
As Suffolk OTB moves forward with its ambitious expansion plans, it is poised to solidify its position as a major player in the New York gaming industry. With an eye towards the future, Boyle and his team are confident that the enhanced Jake’s 58 Casino Hotel will continue to attract a loyal following and contribute significantly to the local economy and community.
