The three Las Vegas-style commercial gaming licenses were approved by state lawmakers, kicking off a bidding process for corporations hoping to open similar casinos in the region. The plan, which puts fees at a minimum of $500 million, was included in the state’s budget, which was adopted late last week, and comes a decade after seven commercial casinos, four of which are within the state, were granted permission.
Race support payments to all thoroughbred and American standard racetracks in the state and their specific scholarship accounts and breeding and development funds are all protected under the budget deal. It also assures that the New York Racing Association’s capital and operating expenses are paid.
MGM’s Empire City is already located in Yonkers as a Class II casino so they stand advantageous to grab one of the licenses. The expansion of betting in NY goes beyond casinos, online betting continues to grow in the US market and every day we can see new gaming houses growing. You can read more about MGM here.
H2 Casino Expansion
According to Joseph Addabbo Jr, chairman of the Senate Racing, Gaming and Gambling Committee, the casino projects will provide additional money for the state and create thousands of construction and post-construction employment.
“While this is a positive move for New York, it does not mean our work is finished.” In reality, we are only getting started. Following the budget, the legislature must ensure that bids are awarded in a timely, fair, and transparent manner and that the localization process is carried out credibly,” stated Addabbo.
The Hudson Valley, which includes the cities of New York, Long Island, and the Hudson Valley, has 13 million people.
Future casino facilities might technically be situated in New York City, Long Island, and three suburbs north of the city. Two casinos might be located in Queens and Yonkers, with a third linked to Manhattan, the city’s economic and cultural hub. Before a casino location plan is given to a state agency for consideration, public hearings on the ideas must be held, and a municipal commission must approve it.
Local zoning regulations would apply, and a minimum tax rate of 25% on slot machines and 10% on table games would be imposed. It would set annual payments for gambling addicts’ education and treatment programs at $750 per slot machine.
Through Senate Bill 8009, lawmakers have already approved bidders’ guidelines. This means that candidates must put up the most money possible, excluding land purchase and infrastructure improvements, while simultaneously maximizing revenue and creating as many steady jobs as possible on the property.
H2 Casino licenses are included in New York State’s annual budget.
The funds will go toward educational activities and the fight against gaming addiction. New York has included casino licenses in its state budget for this year. New York intends to create thousands of employment throughout the development and post-construction stages of three casinos that have been granted full licenses in the state.
It will also increase tax revenue for the state, with an initial estimate of $1.5 billion from the three license payments. This money will go toward educational activities and the fight against gaming addiction.
According to the budget, the legislature would be expected to monitor the bidding process to ensure justice and openness. The Gaming Commission and the Hochul Administration will work together to accomplish this procedure.
Due to the advent of its regulated market, New York has received a lot of attention in the gaming media this year. For example, the authorities approved four enterprises at the start of the year. Caesars Sportsbooks, DraftKings, FanDuel, and Rush Street Interactive are among the companies on the list (RSI, through the BetRivers brand).
Nine other operators were granted conditional licenses in November 2021 based on completing state conditions.
H2 Market figures for New York in 2022
New York also established the record for the most significant volume of betting in a single month in January, with $1.6 billion in sports bets placed between January 8 and the end of the month.
Sports betting brought in $449 million in the last week of January. This was the first time in over a year that a state other than New Jersey had topped the sports betting rankings.
In reality, the New York market has had a promising start. From January through March, the state’s online sports betting industry produced about $5 billion in revenue, with more than $300 million in profit.
In the third month of the 2022 calendar, March Madness indeed brought sports gamblers to betting apps and websites, resulting in another good month for the region.