NEWS
Gaming Commission Howe Caverns Rejected over Financing
More information is trickling out of the NYS Gaming Commission following its landmark decision to approve a casino project in Schenectady. The Commission released a statement regarding its recommendations, including the fact that the Rivers Casino project was selected unanimously over the Rennselaer and Schoharie projects.
The Commission released a brief statement regarding the two rejected Capital District casino proposals. It noted that the Rennselaer project had considerably less public support than the Schoharie and Schenectady projects.
However, the Commission was deeply concerned about the viability of the Howe Caverns project, considering that the applicant, "provided no commitment or highly confident letters for either its equity or debt financing." In fact, the Commission stated that, "Unlike all other Applicants, the sponsors of the Howe Caverns proposal stated that it could not propose a capital structure in any level of detail prior to receiving a gaming license." The Commission also noted that the Howe Caverns project was the only one in which the money needed to complete the process was unclear.
The Commission released a brief statement regarding the two rejected Capital District casino proposals. It noted that the Rennselaer project had considerably less public support than the Schoharie and Schenectady projects.
However, the Commission was deeply concerned about the viability of the Howe Caverns project, considering that the applicant, "provided no commitment or highly confident letters for either its equity or debt financing." In fact, the Commission stated that, "Unlike all other Applicants, the sponsors of the Howe Caverns proposal stated that it could not propose a capital structure in any level of detail prior to receiving a gaming license." The Commission also noted that the Howe Caverns project was the only one in which the money needed to complete the process was unclear.