New York City gaming expansion is about to take place in the upcoming years of operation but the field is already preparing for the impact this would have on the existing gaming scene. New York Thoroughbred Breeders wants to see the protection of existing revenue-sharing agreements powered by video lottery terminals’ day-to-day work. Once well-rounded casinos are introduced to the area, established programs should continue existing.
The years ahead of us are expected to bring a casino expansion within the State of New York, introducing several new casinos and changing the way New York City gambles. Introducing well-rounded casino locations to the area would be crucial for the gambling revenue allocations making their way to the city coffers, as players are projected to enjoy the expanded gambling opportunities on site.
VLT Gaming Revenue
Being on the verge of change is a time for setting the tone and making sure that all existing benefits would only be enhanced down the road. New York Thoroughbred Breeders has recently opened the conversation about the status quo and the ways in which it could be implemented once things change in New York City.
This includes the revenue-sharing arrangements surrounding the highly popular video lottery terminals. Jeffrey Cannizzo, Executive Director of the organization protecting the horse people of New York City, stated that things should continue working as they do right now. Last week was a special one for Albany, as the Senate heard all concerns the local horse racing field has, as the uncertainty grows.
The aforementioned popular gaming offerings have managed to fuel the horse racing field throughout the years since 2001. This support is expected to continue even after some changes have taken place in 2023. Right now projections are that this expansion project might take place sooner than initially projected. This would introduce new casino venues at an earlier point than the one projected with the 2013 Constitutional amendment.
Gaming Expansion in 2023
It gives permission for seven commercial casino locations to balance out the seven tribal casino venues currently operating. Right now there are four commercial casino resorts and projections are that 2023 would see the issuing of three more licenses for operation. Sen. Joseph Addabbo made a point to discuss the growing budget hole on a state level that could be remedied through gambling revenue.
It amounts to US$6.1 billion and earlier this year he expressed hopes of the greenlighting of mobile sports wagering. It has the potential to amass fresh cash and improve the current situation. The remaining casino licenses could be located in New York City and in the vicinity, as this is projected to draw a larger number of players to them. At this point, projections are that the casino licenses could amount to US$1 billion each.
Mr. Cannizzo made it clear that the New York Racing Association also joins the New York Breeders in this quest to see video lottery terminals revenue make its way to the horse people of the state. For the time being horse racing and popular gaming devices are among the popular gaming opportunities in the region. Mr. Cannizzo also pointed out that existing workers in the industry, amounting to upwards of 20,000 individuals, should also be promised a sustainable future without layoffs.
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