- Regulators released a 103-page report with procedures and regulatory steps.
- There are 11 applicants seeking licensing.
- Additional questions will be due in the future by applicants.
The process of seeing casinos added to the downstate area of New York is well underway.
There are 11 applicants who hope to be chosen for a license to offer casino gaming in the heavily populated New York City area.
Yesterday, the New York Gaming Commission released the first round of questions and answers that applicants must be privy to in order to be considered. The report is 103 pages long and includes a ton of information on procedures and regulations.
The Report Includes It All
The Commission and the Gaming Facility Location Board received over 600 inquiries from January 3 to February 3 regarding the licensing process. The new report covers all these inquiries and topics that casino applicants must be aware of. This includes the cost of construction, licensing fees, diversity efforts, and Community Advisory Committees.
A second round of questions should be turned in by October 6, presumably after the report has been digested. The Commission has not set a date on when the responses will be released. The large gap in the first round of questions and answers has many people wondering when the process will be finalized.
There are millions of dollars in taxes and revenues at stake. There are three licenses up for grabs, with two existing casinos expected to obtain two. This leaves one new venue up for construction. As much as $1.5 billion should immediately be paid to the state for licensing, additional fees, and capital investments.
Hurry Up and Wait
Those interested in obtaining a license are tired of waiting and want a decision to be made as quickly as possible. Reviewing bids takes a long time, and a provider must be selected. The construction process will then begin, and hiring, etc. It could be 2025 and beyond before a new casino is added to NYC if regulators don’t hurry up with the process.
Senator Joe Addabbo stated back in January that the quicker the licensing is approved, the quicker the state can begin to reap the benefits. This would include construction and post-construction jobs, billions in revenues and education funds, and an increase in problem gambling money and programs.
So far, gambling services in New York are on an upward trend. The state’s gambling facilities have generated over $338 million in revenues this year alone, which is an almost 3% increase from the same time period last year.
Hopefully, the licensing process for the new casino will hurry up and come to fruition so we know who is selected and when services will begin.
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