Binghamton City Council members approved late on Tuesday the city’s application for the sole Southern Tier casino license that would allow it to host a new gambling venue.
As previously reported, the New York State Gaming Commission is to award a casino license for the Southern Tier region. Developers have up until 4 pm on July 6 to submit their applications.
Late last night, members of the Binghamton City Council stated their support for Albany-based businessman Jeffrey Hyman and his application for the casino license. If his proposal eventually gets the nod from the state gambling regulator, Binghamton would host a new gambling venue at the former Stow Manufacturing site.
Up to now, there is one more applicant for the casino license. Jeff Gural, owner of Tioga Downs Casino & Racing in Nichols, New York, has proposed to expand his property and add table games.
Commenting on the Binghamton proposal, Mr. Gural said that it would not be a good idea for the region to host two gambling facilities at such a close proximity. If built, the Binghamton casino would be only 30 miles away from the Tioga Downs racino. According to Mr. Gural, it would be disastrous for the region to host two unsuccessful gaming properties instead of one that would generate substantial profits.
Mr. Hyman, on the other hand, refused to comment on what effects the near proximity between the two venues might have on his business. In 2014, the businessman applied for a license for Howe Caverns Resort and Casino. Yet, his bid failed, as the state gaming regulator favored a Schenectady casino project.
Binghamton Mayor Rich David said that the potential new casino would be good for the city and the region as a whole. Furthermore, it would keep money within the Southern Tier that would be otherwise spent in neighboring Pennsylvania and Atlantic City facilities offering table games.
No comprehensive details have been released on the Binghamton project yet. However, the developer promised that more information would be revealed next week. In addition, the two casino bidders would be given the opportunity to present their projects at oral presentations throughout the summer. The New York State Gaming Commission is to announce its decision on which one of the proposals is to be awarded the license sometime this fall.
If approved, the Binghamton would contribute 5% of its gaming revenue to the city as well as to Broome County. Mayor David promised that the money would be used for various local projects.
At present, the Tioga Downs property provides neighboring municipalities with similar benefits.
