Jake’s 58 Casino Hotel in New York To Get Major Expansion

Suffolk OTB is poised to embark on a significant $210 million expansion project for its Jake’s 58 Casino Hotel. It hopes to position itself strategically ahead of competitors contending for the highly sought-after NYC casino licenses.

The forthcoming expansion marks a milestone for the casino, representing its first major development since its inauguration in 2017. Phil Boyle, CEO of Suffolk OTB, emphasized the organization's competitive stance and expressed confidence in its ability to thrive regardless of the eventual location of the licensed casinos.

Expansion Highlights:

• Doubling of the casino’s current size and gaming terminals to 2,000

• Increase in parking capacity from 600 to nearly 2,000 spaces

• Anticipated revenue surge of up to 42%

Boyle also highlighted the distinctive allocation of profits, noting that the majority of earnings are directed towards:

• The New York State Education Department

• Suffolk County on Long Island

Regarding the timeline for new casino licenses in the New York City area, state regulators recently announced that decisions would not be made until 2025. Consequently, the earliest possibility for a gaming facility to commence operations in the metro area would be around 2026.

Competition and Regulation:

• Prospective bidders include Las Vegas Sands Corp., Wynn Resorts Ltd. and financier Steve Cohen in partnership with Hard Rock International

• Successful license recipients will need to pay a one-time $500 million fee to the state

• Tax contributions will play a major role in the selection process

However, the timeline for the arrival of any new casino or casinos is still uncertain. New York is grappling with resistance to the expansion, environmental concerns and other questions that must be resolved before it begins reviewing applications.