Former New York Governor David Paterson has given his thoughts on the moratorium on downstate casinos in the state. A few years back in 2013, seven casinos were licensed for the state of New York, however, the four upstate casinos were licensed several years before the downstate ones. This was due to the assumption that the upstate gambling entities required a certain time in order to adjust to the market scenery.
Unfortunately, due to the unprecedented situation and its negative effect on the region’s economy, the state officials are looking for a way to compensate for the US$15 billion budget deficit. And the earlier launch of the casinos might be a good way to do so. That is why many gambling leaders such as Las Vegas Sands are eyeing the three enterprises ahead of schedule in order to benefit the industry and most importantly the state.
Ahead of Schedule
The former governor and current VP of Las Vegas Sands David Paterson shared his opinion on the matter of earlier launch. He acknowledged the budget concerns, however, his alarm is that by trying to compensate the budget deficit, the authorities will be putting residents to the same problems that they have endured during the lockdown.
According to Mr. Paterson, the opening of the three casino venues downstate will be of significant help for the state’s wellbeing. And once all lockdown restrictions are lifted it will generate an additional US$1.5 billion in terms of revenue. He also included that the three enterprises will provide around 20,000 job positions and 70,000 local union jobs.
The State’s Vote
Another way for the state to come out of the economic crisis is believed to be by converting the Resorts World Aqueduct and MGM Empire City Yonkers into full-sized gambling venues. It is believed that if the proposal is approved it will be able to generate substantial revenue for the budget. 72% of the registered voters are supporting the proposition, 16% remained neutral on the matter.
Another consultation saw the public opinion on whether sports betting should be limited to the four upstate casinos or it should be introduced to newly-proposed expansions at Resorts World-Aqueduct and Empire City-Yonkers. 51% of the voters believe that there should be sportsbooks in the proposed casinos as well. 21% believed that sports betting should be operated only in the upstate gaming properties.
Finding New Ways of Helping Others
Assemblywoman Monica Wallace has come up with a way to benefit the less fortunate New York families with the proposed introduction of online sports betting in the state. According to her 5% to 10% of the accumulated revenue should be devoted to funding local youth sports. This will be able to provide more children with a chance of practicing sports from an early age.
Sports Betting Heights
The New York State has reported a significant surge in sports betting across the state’s four licensed sportsbooks in January 2021. Data shows that players have placed bets accounting for around US$3.57 million in the regulated sporting offerings at Rivers Casino, Del Lago Casino, Tioga Down casino, and Resorts World Catskills.
Source: Arbetter, Susan “Former Governor David Paterson Discusses Licensing Downstate Casinos”, Spectrum News, February 24, 2021
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