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Gambling companies and real-estate developers submitted a total of 17 bids Monday in the high-stakes competition to win a casino license in upstate New York.

Proposals for projects covered locations stretching from Tyre, near Lake Ontario, to Tuxedo, in Orange County. Some of the biggest names in the business sketched out their casino plans, including Malaysian casino firm Genting Group 3182.KU -0.60% Genting Bhd Malaysia ^RM9.93 -0.06 -0.60% July 1, 2014 11:44 am Volume (Delayed 15m) : 202,600 P/E Ratio 19.23 Market Cap RM37.34 Billion Dividend Yield N/A Rev. per Employee N/A 06/30/14 Total of 17 Bids Submitted for... 04/24/14 First Bets Laid on New Casinos More quote details and news » 3182.KU in Your Value Your Change Short position and Caesars Entertainment. CZR +2.32% Caesars Entertainment Corp. U.S.: Nasdaq ^$18.08 +0.41 +2.32% June 30, 2014 4:00 pm Volume (Delayed 15m) : 684,828 AFTER HOURS ^$18.08 -0.00 -0.01% June 30, 2014 4:47 pm Volume (Delayed 15m): P/E Ratio N/A Market Cap $2.55 Billion Dividend Yield N/A Rev. per Employee $125,263 06/30/14 Total of 17 Bids Submitted for... 06/27/14 Atlantic City's Blues Play On;... 06/19/14 Casino Boom Pinches Northeaste... More quote details and news » CZR in Your Value Your Change Short position

A total of 22 application fees were submitted in April, with some groups paying fees for more than one project. Five proposals were abandoned.

The companies are competing for four casino licenses in three regions: the Catskills and the Hudson Valley; an area around Albany; and a strip that runs from Binghamton northwest to Lake Ontario. The state has placed a limit of two casinos for each region.

Perhaps the biggest surprise Monday came when Empire Resorts, which owns the Monticello Casino and Raceway, and real-estate investment trust EPR Properties EPR +0.34% EPR Properties U.S.: NYSE ^$55.87 +0.19 +0.34% June 30, 2014 4:01 pm Volume (Delayed 15m) : 304,431 AFTER HOURS ^$55.87 0.00 0.00% June 30, 2014 4:29 pm Volume (Delayed 15m): P/E Ratio 17.89 Market Cap $2.98 Billion Dividend Yield 6.12% Rev. per Employee $9,195,260 06/30/14 Total of 17 Bids Submitted for... More quote details and news » EPR in Your Value Your Change Short position submitted a joint $1 billion bid for a casino in the Town of Thompson, at the site of the old Concord Hotel resort in the Catskills. The team had previously said it planned a project in the $750 million range.

"I think they are trying to create a proposal that is too good to be true," said Chad Beynon, an analyst who covers the casino industry with Macquarie Capital, MQG.AU -0.84% Macquarie Group Ltd. Australia: Sydney ^$59.13 -0.50 -0.84% July 1, 2014 1:39 pm Volume (Delayed 20m) : 473,467 P/E Ratio 15.65 Market Cap $19.42 Billion Dividend Yield 5.41% Rev. per Employee $812,693 06/29/14 Bids Are Due for Upstate New Y... 06/25/14 Stafford Capital Partners Buys... 06/25/14 Macquarie Poaches Morgan Stanl... More quote details and news » MQG.AU in Your Value Your Change Short position a private-investment firm. "That billion-dollar bid seems a little high for what I would have thought, particularly for that location."

Empire would contribute $630 million for the casino with EPR chipping in the rest for a water-park hotel, adventure park and golf course—and gambling operations. "Empire has the advantage of committed financing in place, no matter the competitive environment," said Emanuel Pearlman, chairman of Empire.

Caesars also increased its bid Monday, proposing an $880 million venture. Its representatives previously said they would submit a $750 million proposal for a site near the Woodbury Common Premium Outlets in Orange County, about 50 miles north of New York City. Penn National and Cordish Cos. also have plans for a $750 million casino in Orange County.

Saratoga Casino and Raceway said Monday it had signed an agreement with casino operator Rush Street Gaming for a proposed casino resort in Newburgh, near Interstate 84.

In the Catskills, the Mohegan Tribal Gaming Authority, owner and operator of Mohegan Sun, is proposing a $550 million resort casino in Thompson, in Sullivan County. It teamed with Westchester developer Louis Cappelli, who has been trying to redevelop the site for over a decade. In Ulster County, Claremont Partners proposed a $640 million casino in Ellenville.

A rivalry has emerged between the Catskills region and Orange County over the most appropriate casino location in the region closest to New York City. Catskills officials say they are most in need of the expected economic development.

"We are the area that really is in desperate need of them," said Cathy Paty, president of the Sullivan County Chamber of Commerce.

Orange County boosters, for their part, say their projects could earn the most money.

"Gaming here creates the most economic benefit for the region and state," said Orange County Executive Steve Neuhaus.

Farther upstate, other bidders included Hard Rock International. It put in a proposal for a $300 million Hard Rock Hotel & Casino in Rensselaer, near Albany.

Bidders will give oral presentations on or after July 21 to the state Gaming Facility Location Board, whose members are appointed by the New York State Gaming Commission. The location board will review the submissions and announce winners this fall.

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