The Howe Caverns Resort and Casino officially became one of five Capital Region projects in the running for a state Gaming Commission license Monday.
The proposed $450 million resort includes a world class casino, and a 10-floor luxury hotel, along with a water park, restaurants, and a second hotel.
It also includes the addition of a dinosaur theater at Howe Caverns.
The project is projected to generate $400-$500 million locally in related construction revenue and more than 3,000 construction jobs and 1,700 ongoing jobs.
Michael Malik, a Michigan casino developer, is financing and will own the project; Full House Resorts, which is headquartered in Nevada and lists former Chrysler Chairman Lee Iacocca as one of its founders, will run it.
Joel Bergman, an architect who's had a hand in designing more than a dozen casinos, including Caesars Palace, MGM Grand, and the Trump Hotel, will be the HCRC designer.
HCRC will purchase 110 of the 330 acres at Howe Caverns for the project, which specifically includes:
Casino and Hotel
--1,200-1,500 machines and 35-60 table games.
--254-room hotel.
--3 full-service restaurants.
--Significant convention/banquet facilities.
--Pool and spa.
Waterpark and Hotel
--55,000-plus square-foot indoor waterpark.
--250-room hotel; mostly family suites.
--1.24-plus acre outdoor seasonal waterpark.
--Arcade, game, and entertainment park.
--3 full-service restaurants.


"The first time I saw the site, I knew it was a winner," Mr. Malik said
"I've developed many resort destinations before and this site has all the ingredients to be a successful destination resort."
With his business partner, Marian Ilitch, Mr. Malik worked to develop three casinos in Michigan.
Ms. Ilitch and her husband, Mike, founded Little Caesars Pizza, the third largest pizza chain in the country, and they own the Detroit Tigers and the Detroit Red Wings.
Ryan Moses, spokesman for HCRC, said additional project details will be shared at a press conference in the coming weeks.
"Today, we're just working on getting the application submitted to the Gaming Commission," he said by phone from Albany.
The 330-acre Howe Caverns property is shovel-ready with available water and sewer and a completed SEQRA study, all things that made it ideal for a casino license, said owner Emil Galasso.
It's also the only site with an existing tourist attraction; some 200,000 people visit Howe Caverns each year, Mr. Galasso said.
"I am not only pleased that we were able to attract two of the best partners in the industry, but these are good people who will be a benefit to the entire Schoharie community," he said.
"All along, I have held that we have the best site with the most potential to develop a successful resort and casino in the entire region. Today, our chances got even better."
The state Gaming Commission will pick the casino winner in the fall after a series of public presentations and hearings.
Competing with HCRC are: Rivers Casino at Mohawk Harbor in Schenectady, Hard Rock Hotel & Casino in Rensselaer, Capital View Casino & Resort in East Greenbush, and one in the Montgomery County Towns of Amsterdam and Florida.