Lower than three months into 2024, and it’s turning into more and more obvious that no selections on downstate on line casino licenses in New York might be made this yr.
Instances Sq. in New York Metropolis is a possible web site for a on line casino. It may very well be late 2025 earlier than New York awards on line casino licenses. (Picture: CNN)
New York Gaming Fee (NYGC) Government Director Robert Williams famous Monday that it’s not possible to open a 30-day window through which gaming corporations could make official purposes to the state for the three downstate on line casino licenses. That’s as a result of New York Metropolis wants to change varied zoning legal guidelines in order that not less than one gaming venue may very well be within the 5 boroughs. That course of might take a lot of this yr, implying no selections on profitable bidders might be made till late 2025.
Final November, Mayor Eric Adams (D-NY) proposed a citywide zoning textual content modification that might permit gaming venues within the 5 boroughs. However there are one other 10 steps to be cleared earlier than that proposal might go into impact.
Employees believes the timeline accommodates the present statutory necessities … and permits ample time for native zoning approvals, which can allow the very best, most complete plans for industrial on line casino growth,” Williams advised NYGC board members.
Coming into this yr, it was hoped that the state might open the 30-day bidding window earlier than July. However that now seems unlikely.
No Shock on 2025 Timeline
Lobbyists and gaming trade observers have been optimistic that there can be motion on awarding the New York on line casino licenses sooner or later this yr. However different specialists cautioned it was possible a 2025 situation, citing bureaucratic delays, amongst different points.
Moreover, Gov. Kathy Hochul’s (D-NY) price range for the present fiscal yr didn’t embody receipts for on line casino purposes and licensing charges, indicating Albany wasn’t banking on selections on that entrance occurring this yr. Williams stated the state doesn’t anticipate these income mills earlier than the 2025-26 fiscal yr.
One other situation that may very well be delaying opening the bidding window is that some gaming corporations are ready on legislators to change parkland designations at their pitched on line casino websites. That’s relevant to Steve Cohen and Laborious Rock Worldwide in Queens, in addition to to Bally’s within the Bronx.
Moreover, Las Vegas Sands’ effort to construct a on line casino resort in Nassau County is being hindered by litigation introduced by opposition teams, together with Hofstra College. Sands’ proposal has been broadly seen as one of many extra viable for a New York on line casino license.
5 Boroughs Matter
As issues stand immediately, arguably solely MGM Resorts Worldwide with Empire Metropolis in Yonkers and Resorts World New York in Queens can be able to take part in a bidding course of that begins over the close to time period. The identical is perhaps true of Sands if it might probably put the aforementioned litigation behind it.
Of these three bids, solely Resorts World New York in Queens is in one of many 5 boroughs, and policymakers in Albany and the town would possibly wish to guarantee there’s a degree taking part in discipline for gaming corporations evaluating Manhattan. That’s as a result of that would imply extra tax income for the state.
Caesars Leisure and Wynn Resorts, amongst others, will pitch Manhattan on line casino resorts when the bidding course of begins.
