Summary
- Applications would likely focus on the downstate area.
- The budget equals $216.3 billion with some of the amount set to come from new casino licensing fees.
- As much as $1 billion to $2 billion in new revenues, along with more jobs and income tax revenue are expected.
After a huge push from lawmakers and industry stakeholders, it seems new casinos might be coming to New York State soon. Just yesterday, Governor Kathy Hochul revealed her budget proposal to the tune of $216.3 billion. The budget includes allowing three new gambling facilities to be added to the state.
The huge budget proposal would allow the Gaming Facility Location Board to issue a Request for Applications. Interested parties could then begin sending in their requests to be considered for licensing. The state already offers four gambling facilities, and this new step would add three more into the mix.
Robert Mujica is the budget director who stated that there is no specific designation that the casinos must be located in New York City. However, it is likely that most of the applications will be centered around the downstate area. Competition is expected from major companies from across the United States as this is a huge market that everyone will want to capture.
Assemblyman Gary Pretlow is a long-standing supporter of expanded gambling who complimented the plan of the governor to get the ball rolling. According to Pretlow, licensing could be issued this year and from $1-$2 billion could be generated in revenues. The casinos would also bring more jobs to the state along with income tax earnings.
Casino operators are ready to go to. Resorts World is expected to vie for licensing and commented after the proposal went public that the decision is a big step towards showcasing the enormous promise of the untapped downstate market.
If Resorts is given a license, they are positioned to increase its support in the state in several ways. New people will be hired and trained, along with more revenues for public schools, plus acting as a local economic driver for smaller businesses in the area.
Pushing for Progress Paid Off
For quite some time now, lawmakers have been pushing to see the governor make a move regarding the casino licensing process. The hotel and casino workers union were also on board. It is unclear if the actions of lawmakers helped or perhaps it was the launch of mobile sports betting that got the ball rolling. In any case, all proponents are happy that it seems the process will be starting soon.
It is expected that Genting’s Resorts World facility at the Aqueduct race track will receive licensing along with Empire City slots at Yonkers Raceway, operated by MGM Resorts. Right now, these properties have seniority in the state as gambling facilities, but are only allowed to offer video lottery terminal gaming.
If these two facilities are granted licensing, it would leave only one remaining license, which would go to a brand-new casino operator. If the budget is approved as it stands now, we should start to see interested parties sending in their Requests for Applications which will give us a better idea as to which companies are hoping to earn a casino license.
About the Author
