Suffolk OTB’s $210 Million Bet: Jake’s 58 Casino Hotel Expansion

Suffolk OTB's $210 Million Bet: Jake's 58 Casino Hotel Expansion

Suffolk OTB is gearing up for a monumental $210 million expansion of Jake’s 58 Casino Hotel, strategically positioning itself ahead of competitors in the race for sought-after NYC casino licenses. The CEO of Suffolk OTB, Phil Boyle, highlighted their confidence, stating, ‘We are not vying for one of the licenses, but we are well-equipped to compete effectively wherever the casinos may be located.’ This bold move marks the first expansion of the casino since its establishment in 2017.

The ambitious project aims to bolster the casino’s revenue by up to 42%, doubling the number of terminals to a significant 2,000 and increasing parking spaces from a modest 600 to nearly 2,000. Boyle emphasized the scale of the endeavor, explaining, ‘We are essentially going to double the size of the current Casino,’ underscoring the pioneering nature of the development within the realm of government-owned casinos in the United States.

Furthermore, Boyle emphasized their commitment to community support, highlighting that a significant portion of the profits will be channeled towards the New York State Education Department and Suffolk County on Long Island, emphasizing a dedication to local welfare and education.

In the broader context of the NYC casino landscape, potential bidders for the coveted licenses include industry giants like Las Vegas Sands Corp., Wynn Resorts Ltd., and notable financier Steve Cohen, who has forged a partnership with Hard Rock International. The competition is fierce, with bids expected to be influenced by substantial factors such as the proposed tax contributions to the state.

Notably, state regulators have deferred the decision on issuing new casino licenses in the New York City area until 2025. This delay extends the earliest possible opening of a gaming facility in the metro area to likely 2026, paving the way for Suffolk OTB’s accelerated expansion plans at Jake’s 58. Boyle expressed optimism, envisioning a scenario where the expanded Jake’s 58 would be ready for a grand opening before rival casinos even commence construction, underscoring the casino’s devoted patronage and promising outlook in the competitive market.

The magnitude of Suffolk OTB’s venture signifies not just a physical expansion but a strategic maneuver to strengthen its foothold in the burgeoning NYC casino scene. As construction kicks off on this transformative project, all eyes are on Jake’s 58 Casino Hotel, poised to redefine the entertainment landscape and elevate the stakes in the race for casino supremacy.

Tags:

No responses yet

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Latest Comments

    No comments to show.