New York Seeks to Speed Up Casino Licensing: New Laws and Economic Benefits
Date: 2024-05-20 Author: Leon Pierce Categories: CASINO
Representatives of the state of New York, represented by Senator Joseph Addabbo and Assemblyman Gary Pretlow, are putting forward bills aimed at speeding up the casino licensing process in the region. They argue it promotes economic development and increases state revenue.
New deadlines and requirements: what is proposed in the bills
The proposed bills include setting earlier deadlines for applications for licenses and approval of licenses themselves. Under the new rules, all license applications must be submitted by July 31, 2024, and the New York State Gaming Commission must approve three licenses by March 31, 2025.
Expectations and contradictions: opinions of the parties
Lawmakers in favor of speeding up the licensing process point to the economic and job benefits. However, some critics believe that such an approach could create problems in dealing with certain political and land issues.
Existing and proposed projects: who wins and who loses
Among the proposed projects that could face problems are initiatives related to the construction of casinos near Citi Field and in the Hudson Yards area. However, accelerated licensing could be beneficial for existing casinos such as Resorts World and MGM Empire City if they expand their capabilities.
Financial obligations and expectations: advance payments and deadlines
The new legislation proposes an upfront payment of at least $500 million for the licenses and also sets a two-year deadline to resolve legal and land issues. However, there are difficulties in getting approval from some legislators and politicians, which could slow down the process.
