New York Casino Licenses Could Be Awarded in 2025
Posted on: January 29, 2024, 03:26h.
Last updated on: January 30, 2024, 11:29h.
Hopes that New York regulators could announce the winners of three downstate casino licenses this year might already be dashed, despite the fact that 2024 is just a month old.
By some accounts, the widely anticipated announcement arriving in the first quarter of 2025 amounts to an ambitious time line. Fueling speculation that it could be a while before the victors in the New York casino competition are revealed is the fact that Gov. Kathy Hochul’s (NY-D) budget doesn’t include revenue from the licensing fees the winning bidders would pay to the state.
That budget runs through March 31, 2025. The exclusion of that revenue in the recently proposed budget is bad news for New York, because it was expected that the three winners would pay at least $500 million apiece, if not $1 billion each, for the permits.
The specter of the New York casino permit award process dragging into 2025 jibes with prior commentary from some industry observers, some of whom have dubbed the competition a “circus.”
Next Step in New York Casino Process
As reported by Newsday, “the next big milestone” in the New York casino bidding process is when the Gaming Facility Location Board, which is controlled by the New York State Gaming Commission (NYSGC), reveals a second round of questions for interested bidders.
The answers to the first round of queries were released last August, and the second batch of questions were submitted last October. But it’s not clear when the latest answers will be released. That’s pivotal, because those updates could hold important clues for gaming companies and determine whether or not they move forward in New York.
After the Gaming Facility Location Board posts those answers, a 30-day window would open in which casino operators could submit bids to the state. There’s chatter that bidding submissions could start before the end of the current quarter. But that appears to be no more than hopeful speculation.
Add it all up, and with each passing day, it becomes less likely New York will award the three downstate casino permits before the end of this year.
Other Controversies Need to Be Resolved
Beyond New York’s slow-moving regulatory process, some operator-specific issues need to be resolved as well. For example, Bally’s (the Bronx) and Mets owner Steve Cohen and Hard Rock International (Queens) need policymakers to remove parkland designations from their desired sites.
On Long Island, Las Vegas Sands and Nassau County are tussling with Hofstra University, which alleges the county violated New York open meeting laws in its transfer of the Nassau Coliseum lease to the gaming company.
Should the casino permit award process gain momentum, and if those operators cannot resolve those respective issues, it’s possible they could be caught flat footed and miss out on the chance to vie for a casino license in the largest U.S. metropolitan area.
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Last Comments ( 3 )
ok Mr we need jobs.. what industry or jobs created are going to give enough in taxes to cover the 3.B$ deficit we are in? None. The union 10 k paid construction and the 5 to 6 k jobs at each casino is more jobs than you c sounds like creating 25k jobs to me. And by your post and the fact that you even know who the governor is let's Me know that you are from upstate lol. Which dosnt matter might as well hang the Canadian flag lol the Governor she's literally dragging this out to stay relevant
It's all about giving developers the money, and screwing the people over. Do we really need 3 casinos? How many millions have gone into the pockets of the NYS legislature over this already?
This is an embarrassment for my state. Ny is a joke, we need jobs. How is the governor letting this happen. She’ll lost my vote. I hope lots of New Yorkers feel the same way.