Expansion Plan for Jake's 58 Long Island Hotel & Casino in NYC Prepares for Approval
Date: 2023-08-01 Categories: CASINO
The company, owned and operated by the Suffolk Regional Off-Track Betting Corporation (Suffolk OTB), hopes to double the number of video lottery terminals (VLTs) the casino offers from 1,000 to 2,000 slots. The 100,000-square-foot expansion will accommodate additional VLTs, as well as a VIP gaming room, several new restaurants and bars, and multi-level parking.
The $200 million budget additionally includes refurbishment of all 210 hotel rooms on site. But before construction can begin, the Icelandic Village Council must approve the project.
The board voted 4-0 last month to pre-approve the plan, but a final vote is still needed. This should happen tomorrow night starting at 6:00 pm at the Village Hall when the board holds a public comment session. The board is expected to formally vote on the project proposal after public comment.
Extension details
Suffolk OTB gained full control of Jake's 58 in May 2021 with a Delaware North buyout, which helped Suffolk fund the construction of the VLT casino inside what used to be the Marriott Islandia hotel. Delaware North purchased the Marriott property on Suffolk's behalf for $40.4 million in early 2017 and funded the renovation of the VLT Casino.
In exchange for funding, Suffolk agreed to a 50-year lease with Delaware North. But Delaware North has agreed to allow Suffolk to terminate the lease early if its financial position is approved and OTB has the funds to fully acquire the property.
Jake's has been one of New York's most successful VLT racinos since such slot machines were legalized less than a decade ago. This helped transform Suffolk OTB and enabled off-road betting operator and facilitator of nearly three dozen QWIK Betz outlets to raise enough capital to buy out Delaware North.
Suffolk paid Delaware North $120 million to terminate the lease and become the owner of the Jake's 58 property. Still with ample remaining capital, Suffolk wants to expand its gaming footprint, and its petition to the Islandia Village Board is being filed as New York state officials consider applications for a Las Vegas style casino.
Las Vegas Sands, the world's largest casino operator in terms of market capitalization, is seeking to build an integrated resort on the Nassau Coliseum site. Jake's is about 30 miles east of where Sands wants to bring slot machines, live dealer table games and sports betting.
november
Suffolk County officials say they will begin work in early November if the Village Council rules in his favor tomorrow night. Along with the aforementioned expansion plans, the $200 million project includes a boundary wall to be built on the easternmost edge of the site.
Nearby residents have complained about noise from the casino in recent years. Jake's 58 reps say they will install an 800-foot-long, 10-foot-tall sound wall with the approval of local residents to alleviate those complaints.
The $200 million budget additionally includes refurbishment of all 210 hotel rooms on site. But before construction can begin, the Icelandic Village Council must approve the project.
The board voted 4-0 last month to pre-approve the plan, but a final vote is still needed. This should happen tomorrow night starting at 6:00 pm at the Village Hall when the board holds a public comment session. The board is expected to formally vote on the project proposal after public comment.
Extension details
Suffolk OTB gained full control of Jake's 58 in May 2021 with a Delaware North buyout, which helped Suffolk fund the construction of the VLT casino inside what used to be the Marriott Islandia hotel. Delaware North purchased the Marriott property on Suffolk's behalf for $40.4 million in early 2017 and funded the renovation of the VLT Casino.
In exchange for funding, Suffolk agreed to a 50-year lease with Delaware North. But Delaware North has agreed to allow Suffolk to terminate the lease early if its financial position is approved and OTB has the funds to fully acquire the property.
Jake's has been one of New York's most successful VLT racinos since such slot machines were legalized less than a decade ago. This helped transform Suffolk OTB and enabled off-road betting operator and facilitator of nearly three dozen QWIK Betz outlets to raise enough capital to buy out Delaware North.
Suffolk paid Delaware North $120 million to terminate the lease and become the owner of the Jake's 58 property. Still with ample remaining capital, Suffolk wants to expand its gaming footprint, and its petition to the Islandia Village Board is being filed as New York state officials consider applications for a Las Vegas style casino.
Las Vegas Sands, the world's largest casino operator in terms of market capitalization, is seeking to build an integrated resort on the Nassau Coliseum site. Jake's is about 30 miles east of where Sands wants to bring slot machines, live dealer table games and sports betting.
november
Suffolk County officials say they will begin work in early November if the Village Council rules in his favor tomorrow night. Along with the aforementioned expansion plans, the $200 million project includes a boundary wall to be built on the easternmost edge of the site.
Nearby residents have complained about noise from the casino in recent years. Jake's 58 reps say they will install an 800-foot-long, 10-foot-tall sound wall with the approval of local residents to alleviate those complaints.
