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New York Bill Speeding Up Casino Process Appears Dead

Editor by Editor
August 15, 2024
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The New York City on line casino licensing course of seems to be like it could drag out a bit longer than some legislators hoped. As the state continues seeing bids from main gaming firms to carry a on line casino resort to the Big Apple, a invoice was accepted in each homes to set deadlines for the licensing course of to play out.

However, after two months Gov. Kathy Hochul (D) has but to signal the invoice and it seems that will not occur in any respect. That time lag vital because the invoice was handed in June and set a deadline for this month to see all bids submitted.

“I’ve been trying to get the process moving,” Assemblyman Gary Pretlow (D) instructed the New York Post in May. “It’s taking too long. We’re leaving $2 billion on the table. Why are we stringing this along? We’re spinning our wheels here.”

Bill Stalled With Governor

The bidding course of started in 2023 and in June the New York Gaming Facility Location Board accepted a brand new deadline of June 27, 2025, for all bids to be in.

The state is awarding a complete of three licenses across the New York City space, together with two anticipated to properties already in place and one to a brand new property.

There are quite a few gamers within the bidding course of with plans which have included casinos on Coney Island, Citi Field (house of the New York Mets), Nassau Coliseum, and quite a few others. Rapper Nas has additionally been concerned in a plan for a license to develop the Resorts World on line casino at Aqueduct.

“The legislation sets a minimum license fee of $500 million but gives the New York State Gaming Commission the option to accept higher bids,” gaming business analyst John DeCree instructed the Las Vegas Review-Journal. “The slot and table tax minimums are expected to be set at 25 percent and 10 percent, respectively, but will ultimately be determined by a competitive bidding process similar to the mobile sports wagering licensing process.”

 

 

 





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