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Jakes 58 $210M expansion
A major groundbreaking ceremony on Long Island took place Monday morning for the $210 million expansion project of Jake’s 58 Hotel and Casino. There will be hundreds of new hotel rooms, plus new restaurants and a concert venue. FOX 5 NY’s Jodi Goldberg explains it also means tax breaks for residents.
LONG ISLAND - Suffolk OTB is doubling down on Jake’s 58 with a $210 million expansion project.
The project includes twice as many slot machines and more than triple the number of parking spots.
"We’re going from 600 spots to 2,000 spots," said Phil Boyle, the president of Suffolk OTB. "We’re going to have 110,000 square feet of new casino, a sportsbook, we’re going to have a spa."
The casino that opened in 2017 is one of the state’s most successful with the Village of Islandia, Suffolk County, and the state education system receiving millions each year.
"We’re going to create 800 highly skilled union jobs over the next two years and 125 to 150 new permanent positions here," said Jim LaCarrubba, the vice president of Jake’s 58.
OTB estimates show gross casino revenue could grow 42% to $388 million in the first full year after the expansion and over $400 million in 2028.
Suffolk County officials tout no tax increases once the expansion is finished. The Village will get more than $4 million annually plans to eliminate property taxes for its 3,500 residents.
"Think about it, you own a house you live on Long Island, and you're paying taxes, here you're not," said village mayor Allan Dorman.
Some Village residents say it’s a win village, while others say the $400 to $500 it will save homeowners isn’t worth the inconvenience.
"That won't help us with home values or the rest of our lives and can't help us with crime," said one resident.
The project that’s expected to take two years comes as the state plans to add three traditional downstate casinos.