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Flash Note – Genting M’sia (ADD, maintain) - NY Gaming Economic Development Act released




Affin Hwang Investment Bank Bhd


05 Jun 2013





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Newsflow Last evening, New York Governor Andrew Cuomo released the Upstate NY Gaming Economic Development Act, which will see the establishment of three destination resorts with gaming in Upstate New York and boost tourism and economic development in the region. We tabulate a summary of the bill in Fig 1. Fig 1: Summary of the Upstate New York Gaming Economic Development Act - The legislation authorizes three upstate Destination Resorts to enhance tourism development. Destination Resorts will be selected only on merit by the gaming commission or a separate board to be selected by the commission. - Upstate is divided into 6 regions consisting broadly of: (1) the Hudson Valley – Catskill area, (2) the Capital District – Saratoga area, (3) the North Country, (4) Central New York, (5) the Eastern Southern Tier, and (6) Western New York. - No Destination Resort will be authorized in the North Country and in Central New York. If the Seneca Indian Nation does not have an agreement in good standing, the Western region will be bid out for Destination Resorts. No more than one Destination Resort can be located in any single region. - No Destination Resort will be authorized in New York City, and no Destination Resort will be located downstate until a minimum of five years after the first upstate Destination Resort opens. - The board or commission will determine the required minimum amount of capital expenditures required of a Destination Resort applicant in each region. There will be a minimum $50m licensing fee. - The tax rate will be 25% of gross gaming revenue, with the applicants permitted to negotiate increased fee payments with the Board to enhance overall revenue to the State. - The board or commission will be required to evaluate Destination Resort applications based on specific criteria. 65% of the decision on siting a Destination Resort will be based on economic activity and business development factors, 20% on local impact and siting factors most especially local support of the Destination Resort, and 15% on workforce and overall societal factors.

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