Real estate developer Jeff Gural, owner of Tioga Downs Casino & Racing, presented the New York Gambling Facility Location Board with a reviewed plan for turning the aforementioned Nichols-located gambling venue into a fully-fledged casino.
Last December, the board gave the nod to three casino projects, although it had been initially announced that four such plans would be approved. Following recommendations from Gov. Andrew Cuomo, the state gambling regulator decided to re-launch the bid for a fourth full-scale gaming facility in the Southern Tier region. Tioga Downs was the only bidder to submit its application for the much coveted license.
After his bid was rejected last year, Mr. Gural said that he was determined to bring a real Las Vegas-styled casino in Nichols. During a Thursday meeting with members of the Gaming Facility Location Board, the executive answered questions and introduced a reviewed plan for the gambling hall.
He said that they have decided to increase the size of the initially proposed hotel. If approved, it would feature 161 instead of 136 rooms. In addition more seats were added to the outdoor concert hall at Tioga Downs.
Mr. Gural also said that he would add $32 million of his personal finances to the already proposed $50 million in equity. The executive said that he is ready to invest even more of his personal money into turning Tioga Downs into a full-scale casino. Yet, he noted that he would prefer not to do that unless required by the the state Gaming Facility Location Board.
The developer has promised that if given the nod, revenue at the expanded Tioga Downs would increase for ten consecutive years. Board members argued yesterday that such prognosis has never been met before. Yet, Mr. Gural told media that even if the initial estimates are off by 5% to 10%, this would have little impact on the success of the gambling venue.
New York Gaming Facility Location Board Chairman Kevin Law commented after the Thursday meeting that Mr. Gural had indeed put “more skin in the game” with his latest plan for a full-scale casino at Tioga Downs. According to Mr. Law, the second proposal was “a step in the right direction.”
The board is expected to announce its decision on whether it would award the fourth casino license by the end of the year.
