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Like an exclusive, high-stakes game of Texas Hold’em, the process has been reserved for the uber-wealthy — with an applicant needing more than $1 billion just to be in the running. The ante to merely apply is $1 million, with successful bidders required to pay $500 million upfront for the license and at least $500 million as part of a development plan. Licenses will be good for a minimum of 10 years and a maximum of 30 years.
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At least four of the six committee members must approve of the plan for it to move forward. Yet the race for all three downstate licenses is wide open — and nothing is a sure bet in the fierce competition full of big ideas and visions with billions of dollars at stake. The Las Vegas Valley has the largest concentration of casinos in the United States. Based on revenue, Atlantic City, New Jersey, ranks second, and the Chicago region third.
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