- Overview of the New York State Government’s Decision to Grant Three New Casino Licenses for the Area
- Background on Gambling in New York and How It Became Legal
- What Led to the Quicker-Than-Expected Timeline for Casinos in Downstate
- Who Will Receive These Licenses and Where Will They be Located
- The Benefits That Could Come with These Casinos Being Established in NYC
- Potential Drawbacks of Having a Casino So Close to Home
- Final Thoughts on This Exciting Development for N.Y.C Residents
Table of Contents
Overview of the New York State Government’s Decision to Grant Three New Casino Licenses for the Area
Exactly how quickly and many more are still being determined. As of April, the New York State government has already granted three new casino licenses for the area. Though technically these permits could be handed to a casino operator in another state region, it is likely that they will remain downstate.
The state made gambling legal in 2013, but agreed not to open it in the state until 2023. Governor Kathy Hochul and the state legislature want to start their plans sooner than originally planned, so they included a provision in their latest budget plan to make it happen sooner. This will positively impact the fact that real casino game online will be more profitable and happened mostly because of the Hospitality and Gaming Board and the seven gambling businesses that invest about $300,000 each month for this purpose.
Before any new construction can happen or games of chance are allowed to be played, a process must first take place. This includes getting licenses from the New York State Gaming Commission, as well as approval from their respective Gaming Facility Location Board and numerous community advisory committees.
Empire City in Yonkers is different than other casinos because it has video lottery terminals. This might not seem as exciting as other casinos, but Empire City still offers a great experience with its modernized slot machines. As The New York Times reported, just take a look at our stunning visuals!
Background on Gambling in New York and How It Became Legal
MGM’s electronic gambling facility in Yonkers and the Resorts World facility at the Aqueduct Racetrack in Queens both have an advantage. They are already home to “racinos” – horse racetracks with casino-like features such as video lottery terminals but without table games.
This year, the intense contest for three casino licenses in the New York City region will truly kick off. When will these casinos be declared and by whom are they determined to be located? Developers have made bids for new locations that have lots of amenities, but with less focus on gambling. It is very possible that any of these sites could be chosen as the new location. Learn more about their proposals now!
What Led to the Quicker-Than-Expected Timeline for Casinos in Downstate
Manhattan Bids offers four distinct proposals for a more vibrant and modern New York City. Some people want to build a big casino near Saks Fifth Avenue. Another person wants to build a big structure in Times Square. There is also a plan for a place near the United Nations. And someone wants to erase Donald Trump’s name from his golf course in The Bronx.
Some people have good relationships with the people in their town and with politicians. They also have some of the things they need to build a casino. This means they have a good chance of getting two out of three licenses that are available.
Some developers are interested in building a third casino in Manhattan, but it is unlikely that local politicians will agree to this. However, there is still a chance that it could be built in other boroughs like Brooklyn or Queens.
Who Will Receive These Licenses and Where Will They be Located
Resorts World Casino at Aqueduct in Queens proudly declares itself as the highest-grossing slots casino on the planet. Chang W. Lee of The New York Times captured a breathtaking image of this impressive establishment, and now MGM and Genting seek to join its ranks by upgrading their racinos situated in Yonkers and Queens into full-fledged casinos!
There is a lot of competition for the third casino license. It is like speed dating between developers and casino operators who want to take part in the bid. The companies racing to submit a bid include SL Green, Related Companies, Vornado Realty Trust from Manhattan as well as Steven Cohen of Citi Field fame from Queens. Joseph J. Sitt also plans on submitting his own bid at a site located on famed Coney Island!
The Benefits That Could Come with These Casinos Being Established in NYC
Governor Kathy Hochul wanted the State Legislature to move faster in deciding who to give licenses to operate three casinos downstate. She succeeded in getting them to move faster. The New York State Gaming Commission oversees this process and has a say in who gets approved for these permits and where they will be located. But other people who are interested in this issue also have a say in the decision-making process.
A five-member Gaming Facility Location Board must be formed in order to start the casino licensing process. This board will be responsible for setting up an application system for prospective developers and proposing ultimate winners. Three members need to take their seats by October 6th in order to comply with state regulations. Once all members are set up within 90 days of this date, requests for applications concerning gaming permits will go live.
Potential Drawbacks of Having a Casino So Close to Home
Once the applications have been reviewed, they will be sent to the location board. The location board then makes a suggestion to the Gaming Commission about who should get the license. Governor Hochul has some influence over this process because he appoints all seven members of the commission.
The Gaming Commission can only intervene if it finds an issue with the character of a candidate. There are community advisory committees in New York City that are made up of six people. These people are appointed by the governor, mayor, and local government. The committee will look at each application before anyone votes. This system gives citizens a chance to have their say when decisions are being made about awarding gaming licenses.
Before an application can even be reviewed by the gaming commission, it must first receive approval from the community advisory committee. This grants them a great deal of authority to reject any applications that come before them. It’s clear that there is currently an abundance of casinos and other gambling opportunities in America, leading many experts to doubt economic projections for new properties entering this already saturated market.
However, New York City stands out from the rest. Affluent and densely populated, any casino here is sure to thrive – albeit at a potential cost for neighbouring gambling areas such as Atlantic City.
“The unique local population of NYC has been driving gaming profits in the region for many years now,” commented Colin Mansfield of Fitch Ratings. “But it’s also a major international destination too.”
Final Thoughts on This Exciting Development for N.Y.C Residents
Resorts World at Aqueduct is very successful. It makes more money than any other casino with slot machines in the world. It also pays more taxes than any other property in New York State. If another casino operator wants to build and open a casino in New York City, they must get permission from the New York City Council and the New York State Gaming Commission.
As of now, casinos are not authorized in New York City due to the existing land regulations. But that might soon change; the commission has yet to decide if a particular rezoning will be necessary for either state-owned land at Aqueduct or near Penn Station (which is going through a redevelopment process which usually overrides local zoning laws)
If you want to change the zoning, you will need to wait for at least a few months. You will also need permission from the people who give advice about the community and from the gaming commission. Lastly, you will need to pay $500 million dollars to the state government before you can start your project.