After the most recent approval of mobile sports betting the New York State is looking for even greater gambling expansion. There has been a proposal to lift the moratorium on downstate casinos and allow three more gambling properties to enter the competitive market in the state. It is believed that such change will allow the state to bring additional revenue to the table.
The decision on new casinos in the state was scheduled to be made in 2023, however, due to the increasing budget difficulties the date can be rearranged for earlier. The moratorium was implemented back in 2013 after a referendum vote, but recent news suggests that the state’s legislature may accelerate the process.
Additional Licenses
New York State authorities have been quite busy recently as the legislature has recently composed its budget plan for the new fiscal year. Shortly after the announcement of the inclusion of mobile sports betting in the budget, gambling expansion is still on the cards as the lift on downstate casino moratorium is being considered. The purpose of which was to let upstate casinos settle to the difficult market.
The proposal for the lift of the moratorium has been submitted by the State Senate and it will allow gambling operators to apply for casino licenses on July 1. And the final decision on the matter to be taken in 150 days. Additionally, the proposal relies on the approval of the potential casino sites from the City Council. However, the Senate’s bill is yet to be reviewed and accepted by the Assembly.
Governor Andrew Cuomo has requested a thorough report on what the additional downstate casino license would look like and what effect they will have on the state. Last Wednesday Governor Cuomo stated that the law does not authorize new gambling facilities. He believes that the legislature should not intervene with casino matters as there is a Gaming Commission is tasked with such a responsibility.
As things stand, currently, there are up to three casino licenses available for gaming operators. Each of the three licenses is valued at around US$500 million, ergo three casinos will be able to enter the New York State’s gambling scene. For clarification, Hudson Valley and Long Island also known as the downstate region can be welcoming new casino properties sooner than expected.
Governor Island Casino Plan
Another way of generating the much-needed revenue was to launch a gambling facility on Governors Island. The proposal was submitted by mayoral candidate Andrew Yang at the start of this year, however, this seems highly unlikely due to numerous reasons. Firstly, there is already a government-issued ban on casino properties on the island since 2003 and there are already plans for other establishments on its territories.
Long-Awaited Approval
As already mentioned, the New York State government and Governor Cuomo have recently made an official announcement on the future of mobile sports betting in the state. At the start of the month, it was revealed that the long-awaited online gambling expansion has been included in the 2022 state budget. According to the reports the state has landed on Governor Cuomo’s state-run and operator-limited model of operations for the online sports offering.
Source: Gleason, Will “State budget opens the door to casinos in NYC”, Time Out, April 9, 2021
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