For a while now, the US state of New York has been considering the possibility of opening three new casinos in the southern part of its territory. Well, the green light has finally been given for the issuance of the precious licenses within the framework of the annual budget of 220 billion dollars that has just been approved, last Saturday, April 9.
It was officially signed into law by Democratic Governor Kathy Hochul.
This project to open 3 additional casinos is part of the measure called New York Casino Gambling Amendment, Proposal 1 which was approved by residents in a vote that took place in November 2013
To create jobs and raise additional tax revenue to increase school funding and reduce property taxes, the bill authorized the state to license up to 7 casinos in 2 phases.
In the first phase, four gaming facilities were to be opened in upstate New York. In a second phase, 3 more resorts could be licensed in New York City. It is precisely this phase 2 that was finally made official in the annual budget approved only a few days ago.
Of course, the work has only just begun. There is still a lot to be done before New York casinos finally come to fruition. Among other things, a fair and transparent bidding process must be put in place, and licenses must be issued. It is also necessary to monitor the smooth running of the implementation process.
Nevertheless, the project is ahead of schedule. Applications for licenses are expected to be accepted this year, although this was originally not expected to happen until 2023. To get one, an operator would have to pay at least $500 million.
A six-member community board appointed by the governor, mayor, and state and local officials will be created. It will be responsible for reviewing proposals and selecting those to be sent to the state authorities.
For quite some time now, many specialists believe that 2 of the licenses are likely to go to MGM Resorts International and Genting Group. Indeed, they each already operate a slot machine room at the Yonkers and Queens racetracks respectively.
It is also known that these 2 operators want to expand their offer with blackjack and other tables dedicated to traditional games in order to create casinos like in Las Vegas.
Other prestigious groups are also very interested in this project. This is the case of Wynn Resorts, Las Vegas Sands and Hard Rock International among others. All three would be looking for suitable sites to host a casino.
