(WBNG Binghamton) After weeks of speculation, Traditions at the Glen announced its bid for a casino in front of more than 200 invited guests.
The company proposed a resort casino and state-of-the-art concert venue, which could add approximately 1,200 new jobs to Broome County.
Most of the jobs will be construction jobs, but about 500 are estimated to be permanent jobs in the area.
The company estimates the new casino could bring in up to $68 million in employee earnings each year.
Traditions owner Bill Walsh said he wants the project to come from local investment and the profits to benefit the local communities.
"There's been a lot of negative publicity with jobs leaving town and businesses closing. We think this could be a great revitalization of the Binghamton area," Walsh said.
The Traditions Casino would include 90,000 square feet of gaming space including 1,200 slots and 50 table games.
It will also include an additional 200 hotel rooms, along with restaurant and retail space.
The project would be completed in two phases.
Phase one would include the casino and an underground parking garage and could be completed in a year.
The second phase would build two more 90,000-square-foot floors above the casino, including a roof top pool deck.
A total of seven casino licenses are up for grabs in upstate New York -- although the state is expected to issue the first four, and three others in the future. At least one is expected to be awarded to the Southern Tier zone.
Walsh said the studies he's done show only one casino can exist in the area, although he said the neighboring Tioga Downs could continue to exist as a race track and slot parlor.
He said he has already begun working on the permit process so that construction can begin as soon as they can if they get a license.
His company is also doing a traffic and economic impact study on the area.
Tioga Downs CEO Jeff Gural has been public about turning his racino into a Las Vegas-style casino. He plans on breaking ground on an expansion of Tioga Downs next week.
The casino legislation does not become law until January 1, 2014 when a Facility Location Board made up of five members will be set up to choose the fist four locations for licenses.
Once the board is set up, they will put out a formal request for proposals for the spring.
A decision on the licenses is not expected until later in 2014.