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Long Island Casino to break ground on $210M expansion

Suffolk OTB will begin work on the $210 million expansion of Jake’s 58 Casino Hotel, ahead of its competitors vying for coveted New York casino licenses.

“We’re not competing for any of the licenses and, in fact, I think wherever these casinos are located, we’ll be able to compete very well,” Phil Boyle, CEO of Suffolk OTB, told the Post.

The expansion – the first since the casino opened in 2017 – is expected to increase annual revenue by up to 42%, double the number of terminals to 2,000 and increase parking by 600 spaces to nearly 2,000.

Jake’s 58 Casino Hotel on Long Island is set to expand. James 58

“We’re basically going to double the size of the current casino,” Boyle explained, adding that it is one of two government-owned casinos in the United States.

“And all of our profits, for the most part, go to the New York State Department of Education and our host county of Suffolk County on Long Island.”

Last month, state regulators said they would not decide on new casino licenses in the New York area until 2025, pushing back the opening of a gaming establishment in the metro area to 2026.

“So I’m hoping that we can break ground on the newly expanded Jake 58 before the other casinos even start building and have a very loyal following,” Boyle said.

Phil Boyle, CEO of Suffolk OTB
“I think no matter where these casinos are located, we will be able to be very competitive,” Phil Boyle, CEO of Suffolk OTB, told the Post. News Day via Getty Images

Potential bidders for New York licenses include Las Vegas Sands Corp., Wynn Resorts Ltd. and financier Steve Cohen, who partnered with Hard Rock International.

Under New York’s casino law, license winners will pay a one-time fee of $500 million to the state and bidders are expected to compete based in part on how much they are willing to pay in taxes.

New York Post

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