Last week Manhattan legislators have opted against the introduction of a casino property in the borough. There were also reports that the acceleration of the issuing of the three downstate casinos is put on hold, however, Senator Joe Addabbo stated that this is not the case and the next step for the process will be for the NY State Gaming Commission to issue a request-for-information solicitation.
Currently, according to state law downstate casino licenses cannot be issued before 2023, which was a measure taken to provide a better environment for upstate casinos to establish in the region. However, the local legislature has been discussing accelerating the issuing process and granting the licenses by the end of 2021 in order for the new gaming facilities to provide revenue for the state.
Talks Still Ongoing
As lawmakers finish the 2021 session this month, Senator Addabbo stated that if nothing else happens for the next four sessions the RFI will then proceed. Its purpose is to gather information about the potential license candidates and evaluate the size and scope of the new gaming facilities. The Senator has even proposed to include the speed-up process in the 2021 budget as the new casinos would provide new jobs and development.
Last week reports emerged claiming that the downstate casino discussions have collapsed at the last minute. Governor Cuomo was alarmed that the bill would have given Manhattan the power to reject a casino plan proposal for the area. According to Spectrum Gaming Group study, a casino in the borough along upgrading the Aqueduct Race Track in Queens and Yonkers Raceway would be more beneficial for the state in revenue.
The study suggests that a trio of gaming properties of Manhattan-Aqueduct-Yonkers would be more profitable for the state, than if the third license if issued to a Brooklyn or Queens gaming site. According to the report, the first combination would generate around US$1.31 billion in gaming revenue, which will be US$46.7 more than the Brooklyn-Aqueduct-Yonkers option, or US$58.7 more than a potential Queens-Aqueduct-Yonkers scenario.
Senator Addabbo who is chair of the state’s Senate Committee on Racing, Gaming, and Wagering believes that a gaming property in New York City will do well regardless of its location. He explained that the first four upstate casino licenses were issues for upstate as the region needed the economic boost. But in his words, Manhattan does not need an economic boost, but he believes that a casino in any of the five boroughs would do fine.
Manhattan Objects
Last week, Manhattan’s legislature has revealed its stance on a potential casino plan in the borough as the lawmakers are strictly against it. Assemblyman Richard Gottfried has stated that he firmly disapproves of the project for the area as it could seriously affect the region’s residential and commercial quality. There was a proposal to allow the borough to decide for itself for the casino, but Governor Cuomo opposed the amendment.
Potential Candidate
Local Queens communities have voiced their backing for Resorts World New York City to be transformed into a fully-fledged one by awarding the venue one of the three licenses. The alliance of community groups believes that the expansion of the gaming property to a full-scale one will have a significant positive impact on the region. Such a transformation would bring thousands of new jobs and provide more tax revenue.
Source: Bittenbender, Steve “Despite reports that NYC casino plans were blocked, key lawmaker expresses optimism”, Olean Times Herald, June 3, 2021
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