Summary:
- MTA needs money to assist with transit needs.
- The MTA is struggling after Hochul delayed the $15 vehicle congestion toll.
- State pols say the issue would be remedied if the governor will sign the casino licensing bill.
State pols are pushing for Governor Kathy Hochul to move ahead with casino legislation to bring licensing to the downstate area of New York. The selection process must be sped up so it can bring billions of dollars in much needed funds to the Metropolitan Transportation Authority (MTA).
A congestion toll to help with MTA funds has been stalled by Hochul until the end of the month. A decision on the casino deals would bring money to the table now. Assemblyman Gary Pretlow is one lawmaker who is pushing Hochul to speed up the casino licensing timeline.
Chaos as Midtown Manhattan’s Congestion Toll Stalled
Governor Hochul decided last week to stall a new vehicle congestion toll of $15 in Midtown Manhattan until June 30. The change now harms the MTA, which desperately needs funds for transportation projects.
Hochul claims the fee comes at a bad time for consumers, as drivers are strapped for cash. However, the transit agency is not happy with the decision, as it throws upcoming mass-transit projects into chaos. The projects depend on an expected $1 billion in annual toll payments.
State pols say that Hochul could rectify the situation by signing a measure that just passed in the Assembly and Senate to speed up the New York casino licensing process. The new measure would require bidders for casino licensing to submit plans by August of this year. Right now, there is no deadline for such plans. The final selection for casinos will most likely not occur until the end of 2025.
Huge Money Maker
Winning bidders in the New York City area are expected to pay a minimum of $500 million for a gaming license. The amount could be much more, and this would be instant funds for the state. Up to $3 billion could be generated from casino licensing, allowing money to be redirected to the capital program of the MTA.
This would make up for losses connected to the tolls and ensure the casino licensing process can get the ball rolling. Several major players in the casino industry are interested in operating in New York, including Caesars, Hard Rock, Wynn Resorts and others.
Reportedly, the governor is reviewing the legislation involving the casino licensing timetable. Still, it is unclear if she will actually move ahead with plans to bring casinos to the downstate area and ensure new revenues are generated from gaming services.
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