The seemingly endless New York City on line casino licensing course of might quickly be rushing up. Lawmakers within the state meeting and home have authorized a invoice setting a deadline for the method to come back to an finish.
Over the final 12 months and a half, casinos have been jockeying for 3 licenses set to be given out within the New York City space, with two of these anticipated to go to current properties. Recent reviews stated that the method might even drag additional into 2025 as there was no deadline for bid choice within the authentic course of.
The new invoice cuts that off on the finish of August with the New York Gaming Facility Location Board then mandated to make a choice by the tip of December 2025.
“I’ve been trying to get the process moving,” Assemblyman Gary Pretlow (D) informed 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.”
The invoice now heads to Gov. Kathy Hochul’s (D) desk. The sped-up choice schedule comes because the state faces projected budget shortfalls. of $11.3 billion in 2026, $13.4 billion in 2027, and $15.9 billion in 2028. The governor additionally just lately scrapped an unpopular “congestion pricing” plan for drivers heading to Midtown New York City.
The plan was anticipated to provide billions of {dollars} for the Metropolitan Transportation Authority (MTA). Legislators now say no less than among the on line casino income could possibly be funneled into the struggling MTA.
Several main gaming firms have gotten in on the bidding course of. Winning bidders are anticipated to pay no less than $500 million for a license. Casino business insiders expressed aid that the method may now at least get cleared up.
“The legislation brings clarity to the process,” a on line casino business supply informed the New York Post. “The state gaming commission has been kicking the can down the road.”
In associated information, a plan for a brand new on line casino within the space round Citi Field, house to the Mets, was rejected by a key state senator.
