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With pending downstate NY casinos looming, a Suffolk County OTB is embarking on a $210 million expansion of Jake’s 58 Casino Hotel.
Likely, this move aims at gaining a competitive edge over rivals bidding for New York casino licenses. However, the earliest probable launch of a new gaming facility in the metro region will likely not occur until 2026. State regulators recently announced that they will defer making decisions on new casino licenses in the Empire State until 2025.
“So I’m hoping that we will be able to have a ribbon cutting on the newly expanded Jake 58 before the other casinos even start building, and we have a very loyal following,” Chief Executive Officer of Suffolk OTB Phil Boyle said in a New York Post article.
Some of the operators vying for the NYC license include Wynn Resorts and Las Vegas Sands Corp. Although Las Vegas Sands has been faced with difficulty in its bid to secure a site for the proposed downstate New York casino.
With no chance of legalizing NY online casinos in 2024, there have been discussions over potential revenue streams, consumer protections, and the impact on existing brick-and-mortar casinos.
State Sen. Joseph Addabbo has been pushing NY online casino legislation but all efforts failed to make the 2024 state budget.
Key takeaways
- Suffolk OTB is investing $210 million in expanding Jake’s 58 Casino Hotel.
- The earliest launch of new gaming facilities in the metro region is expected around 2026 due to state regulators’ decisions.
- Despite online casino gambling not being legal in New York, discussions about its potential impacts continue, including its effect on existing brick-and-mortar casinos.
Jake’s 58 Casino Hotel expansion aims at a revenue boost
Announced in July 2023, Jake’s 58 300,000-square-foot expansion will be the first since the casino opened in 2017. The expansion should double the terminal count to 2,000. It will also introduce upscale restaurants, increase parking capacity from 600 spots to almost 2,000, and increase yearly income by as much as 42%.
According to a news post by David Winzelberg at Long Island Business News, Boyle stated:
“The expansion and renovation of Jake’s 58 Casino Hotel will mark an exciting new chapter for entertainment on Long Island. Doubling the number of our gaming machines will only be the start of the great things we have in store for our customers.
Alex Badalamenti, principal of Patchogue-based bld Architecture, in charge of designing the project, added: “After two years of planning with OTB and obtaining approvals from the village and neighboring community, we are thrilled to see construction underway. This much-needed expansion with new amenities, hotel upgrades, and added parking will significantly enhance the overall user experience.”
Still on revenue being generated, Boyle noted that they are one of only two government-owned casinos in the country and that the New York State Education Department and Suffolk County, on Long Island, are the main beneficiaries of the casino’s earnings.
In the meantime, the ongoing controversy persists regarding whether the government’s contemplation of expanding gaming options genuinely serves the public’s best interests. A minority of individuals have voiced on social media platforms the concern that the government may be capitalizing on people’s addictions.
However, the question of whether these public decisions are good or bad remains a story for another day.
