The Suffolk branch of the New York City Off-Track Betting Corporation is breaking ground today, on 15 April 2024, for a $210 million expansion of Jake’s 58 Casino Hotel facility operated by the public benefit corporation. The Suffolk OTB reportedly also announced that the completion of the expansion project at the Islandia Village will double the venue’s wagering terminals and triple the number of parking spaces.
$210 Million Expansion Project:
As Newsday reports, OTB representatives expect that the expansion will be able to finally meet the demand for video lottery terminals and parking spaces the visitors have posed since the Jake’s 58 launch in 2017. As reported, the same period has seen the Jake’s annual revenue increase of as much as 42%. These seem to have been the key drivers for the $210 million expansion project that will bring around 2,000 terminals and almost 2,000 parking spaces distributed across a three-story garage, according to Suffolk OTB president Phil Boyle.
Meeting Rising Demand:
Jake’s 58 Casino Hotel will also feature new restaurants and pubs, conference and wedding reception spaces and other amenities, according to the source, to anchor the popular status of one of New York’s most successful gambling facilities since its opening.“There’s no doubt about it,” Boyle reportedly commented, adding that the expansion follows the increased admissions to the property. “Anybody who’s been to Jake’s knows we’ve been very successful and it’s hard to find a parking spot.”
Wide Range of Amenities:
According to Boyle, construction will take at least two years as the company will be working to minimize any disruptions during the development of a new 110,000-square-foot building. To be located behind the existing resort, the building will accommodate 1,000 new wagering machines. As reported, it will also host around 500 terminals transferred from the current casino. It means that the current casino facility will host around 500 machines to offer an increased space for dining areas. Last but not least, the 40-year-old hotel’s 210 rooms will be completely overhauled, as Newsday reports.
Creating 125 Permanent Jobs:
The project takes place simultaneously with the casino license application process currently running to open three traditional downstate casinos, with one of them to be located at Nassau Coliseum. The sites are reportedly expected to be selected by the end of 2025, but Boyle considers that those casinos will not affect Jake’s 58 operations. ”We have very loyal customers,” Boyle reportedly said. OTB officials may expect the same from the workforce as the project will create 800 construction jobs and 125 permanent job positions once the casino is upgraded.
$388 Million in Revenues Expected:
According to Newsday, the Suffolk OTB president estimates that gross casino revenue will continue to grow at a 42% annual rate to bounce from $273 million generated in 2023 to $388 million in the first year after construction is completed. As Suffolk and four other boroughs constitute public benefit corporation New York Off-Track Betting Corporation, 45% of Jake’s annual gross revenue is used to fund the public education system, with the remaining 55% going to Suffolk County, the state Gaming Commission and the horse racing industry, as reported by the source. Therefore the Jake’s expansion project will accordingly increase OTB’s annual payment to the Village of Islandia from the current $2.25 million level to the $4.25 million annual figure, Boyle reportedly added.
Property Tax Suspension:
In return, the Village of Islandia will reportedly suspend property taxes upon the Jake’s project completion to save hundreds of dollars for local residents, Mayor Allan Dorman said. As reported, he added that the village will get an additional $2 million annual incentive on a tax relief agreement with Suffolk OTB. As reported by Newsday, the financial injection will save residents up to $500 on their annual property tax until 2041. Now that Suffolk OTB has broken the ground for the $210 million project, its smooth collaboration with the local community may dig some gold out of the popular location for their common benefit.
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