Efforts to Expedite Casino Licensing in New York Gain Momentum

Sen. Joseph Addabbo and Assemblyman Gary Pretlow are spearheading a legislative push to fast-track the process of awarding casino licenses in the New York City area. Their proposed bill seeks to streamline the current timetable, emphasizing efficiency and economic benefits for the state.

Current Criticisms

The delay in awarding casino licenses until Dec. 31, 2025, has faced backlash from various quarters, including industry insiders and potential casino developers. The extended timeline has been deemed inefficient and detrimental to job creation and revenue generation.

Under the proposed legislation, bids for casino licenses would be required to be submitted by July 31 of this year. The gaming commission would then have until March 31 of next year to approve the three casino licenses, significantly speeding up the entire process.

The accelerated timeline could have a profound impact on potential bidders vying for casino licenses in the New York City area. Notable contenders include Mets owner Steve Cohen, with plans for an $8 billion casino complex near Citi Field, and Related Companies/Wynn Resorts, proposing a $12 billion project in Hudson Yards.

The proposed legislation also holds implications for existing slots parlors like Resorts World at Aqueduct race track and MGM Empire City at Yonkers raceway. These establishments, already offering slots, could benefit from the opportunity to expand and offer live card table games.

Addabbo and Pretlow assert that their objective is not to favor specific bidders but to catalyze job creation and boost state revenues. They argue that the current delays are hindering progress and leaving potential economic benefits untapped.

“It’s taking too long. There are inefficiencies,” said Addabbo, whose district borders Genting’s Resorts World slots parlor at Aqueduct in Queens.

“We have to move. There are 5,000 jobs on hold — minimally,” he said.

“I’ve been trying to get the process moving,” said Pretlow, whose district is near the Yonkers racino. “It’s taking too long. We’re leaving $2 billion on the table. Why are we stringing this along? We’re spinning our wheels here.”

Legal Considerations

While the proposed legislation allows winning bidders time to resolve legal issues, questions remain about the role of locally appointed siting boards and the legislative approvals required for certain projects.

Governor Kathy Hochul, responsible for overseeing the gaming commission, has yet to express a definitive stance on expediting the casino licensing process. Her decision will likely hinge on a thorough evaluation of the proposed legislation and its potential implications.

“Governor Hochul will review all legislation that es both houses of the legislature,” a spokesman told The Post.

Apart from the highlighted projects, several other casino proposals are in the works across New York City, including bids for Times Square, The Bronx, Hell’s Kitchen, and Coney Island. These developments underscore the growing interest and investment in the region’s gaming industry.

Source:

”Lawmakers push to speed up NYC casino licenses timetable: ‘We’re leaving $2B on the table’’, nypost.com, May 19, 2024.