An upstate casino is a $350 million gamble, report says

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A major expansion of casino gambling in underway in the state of New York.

(AP photo)

STATEN ISLAND, N.Y. -- Developers seeking gaming permits will be expected to invest a minimum of $70 million and a maximum of $350 million in their New York State casino projects, according to the Daily News.

The highest buy-ins are for areas such as Orange and Dutchess counties that are located an easy drive from New York City.

The Daily News said the minimal investment is expected to be only the beginning, though, because it's about 65 percent of the total money developers likely will have to spend and includes only the basics such as a hotel and casino. Licensing fees, land and financing costs could drive the total tab to $472 million. Up to seven casinos will be built upstate.

A state gambling panel is expected to choose in the fall from 22 contenders who each paid a $1 million application fee to develop casinos in the Catskills, the Albany-Saratoga region and the Southern Tier near Pennsylvania.

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