With simply 11 days left on this 12 months’s legislative session, a pair of New York policymakers are pushing payments geared toward accelerating the presently sluggish technique of awarding three downstate on line casino permits.
New York lawmaker Joseph Addabbo. He and Assemblyman Gary Pretlow are pushing payments to speed up the approvals of downstate on line casino licenses. (Picture: New York State Senate)
Of their respective homes of the legislature, Sen. Joseph Addabbo (D-Queens) and Assemblyman Gary Pretlow (D-Mount Vernon) just lately proposed payments that, if signed into legislation by Gov. Kathy Hochul (D), would immediate bidders for the New York Metropolis space casinos to submit purposes by July 31, probably paving the best way for approvals by the center of 2025.
That timeline improves upon present prognostications indicating that approvals of the downstate on line casino permits won’t arrive till late 2025 or early the next 12 months. The Addabbo/Pretlow payments suggest that the New York Gaming Amenities Board make suggestions on three successful bidders as quickly as March 31, 2025.
Upon completion of the board’s preliminary evaluation, the board shall present the applicant with written discover of its dedication,” based on textual content from Pretlow’s invoice. “The place the board determines that the appliance is just not enough for supply to the group advisory board, the board should present the applicant, in writing, the explanations for such dedication. The applicant shall have twenty-one days from receipt of the written discover to amend their software and resubmit to the board in the identical method as the unique software. The board shall then have seven days to evaluation the amended software and subject a last dedication on sufficiency.”
Ought to Hochul signal the laws into legislation, it might signify a nine-month discount in awarding the license. The New York Gaming Fee (NYGC) just lately mentioned it’s hoping to perform that objective by Dec. 31, 2025.
Accelerated Timeline Might Assist Some New York On line casino Bidders
Whereas Addabbo and Pretlow preserve their payments aren’t designed to favor one bidder over one other, the chance exists that if their laws turns into legislation, some opponents may gain advantage whereas others could possibly be pinched.
For instance, Genting-owned Resorts World New York in Queens and MGM Resorts Worldwide’s Empire Metropolis On line casino in Yonkers may gain advantage from an accelerated timeline in approving on line casino purposes as a result of these venues are already operational as slots-only properties, indicating the infrastructure is there to make a comparatively fast transition to Las Vegas-style casinos. Addabbo represents the district that features the Genting property.
Likewise, a sooner pathway to readability could possibly be advantageous for Las Vegas Sands in its quest to deliver a on line casino resort to Nassau Hub in Uniondale.
Conversely, if New York pursues a sooner timetable for approving on line casino purposes, contenders corresponding to New York Mets proprietor Steve Cohen and Exhausting Rock Worldwide, in addition to Bally’s, could possibly be burdened. Cohen and Exhausting Rock are partnering on the $8 billion Metropolitan Park plan in Queens whereas Bally’s desires to develop a on line casino resort at a golf course within the Bronx. Each teams want lawmakers to introduce laws to change the parkland designation presently utilized to their websites, however it’s not clear if that may occur over the close to time period.
Time Not on Facet of New York On line casino Laws
There are compelling causes for lawmakers to advance the Addabbo/Pretlow payments. Software charges are slated to be $500 million apiece, possibly extra, for the successful bidders. To not point out expectations of hundreds of non permanent and everlasting jobs being created.
These jobs imply extra earnings tax collected by New York and state coffers might be additional bolstered by new gross sales tax streams created by the casinos as effectively taxes paid to the state by the operators.
Nevertheless, the timeline is probably not conducive to advancing the Addabbo/Pretlow laws. The New York legislature doesn’t meet on Fridays, so this can be a four-day week. Subsequent week’s calendar is decreased to a few days because of the Memorial Day vacation on Might 27, and the session ends on Thursday, June 6. That leaves 11 days wherein policymakers can advance the on line casino acceleration payments, and which may not be sufficient.
