A slow process
It looks like New York will have to wait some time for the issuance of downstate commercial casino licenses. The initial hope was that the New York State Gaming Commission would start accepting official bids during the first few months of 2024. Industry insiders speculated while speaking to Newsday that it might not be until early 2025 that regulators award the licenses.
still needs to issue responses to the hundreds of questions prospective bidders submitted
The Gaming Facility Location Board still needs to issue responses to the hundreds of questions that prospective bidders submitted. As soon as the board does so, a 30-day period during which people can start bidding will begin. The regulator will then need to carefully review every application before delivering its final judgements.
No positive signs
Bidders also need to ensure that they do not have any zoning issues with their chosen locations and to secure at least two-thirds support from a local community advisory committee. New York City Mayor Eric Adams has proposed changes to zoning laws that would make it easier for casinos to be built in most industrial and commercial districts. The City Council also would not have to review and approve each site.
One of the clearest indicators of a delay in the licensing process is that lawmakers did not mention the three $500m downstate casino license fees in the recently published budget for the 2024-2025 fiscal period. This plan outlines the state’s expected revenue up to the end of March 2025.
Plenty of competition
About a dozen groups have expressed interest in bidding for one of the three downstate casinos licenses. MGM Resorts International and Genting already have slots parlors in the region; experts believe they have the inside track on two of the licenses.
a Jay Z-backed Times Square casino
That leaves a single license for the rest, with some of the interesting pitches including a Jay Z-backed Times Square casino and a resort beside the New York Mets’ Citi Field.
The recent budget announcement also was not good for people who are waiting for legal online casinos in the state. Governor Kathy Hochul didn’t mention iGaming legalization, so a bill from Senator Joseph Addabbo doesn’t look like it will make much progress this year.
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- Source: https://www.vegasslotsonline.com/news/2024/01/31/issuance-of-the-500m-downstate-new-york-casino-licenses-could-take-until-2025/
