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New York's Strategic Casino Licensing Initiative for Fiscal Stability
New York Governor Reserved about Inclusion of New Casinos
March 2, 2020 TamaraTam
New York’s casino scene will follow the established trend over the next period. The northeastern U.S state’s Governor Andrew Cuomo, still has the same view on the gambling – judging by his recent claims.
According to Cuomo’s words, he will not a “knee-jerk reaction” and allow the opening of additional casinos in the state.
Background of the Story
Some reputable operators have ed forces in lobbying for inclusion of new casinos in New York. The providers have promised to the state about $500 million in exchange for the license.
In the first place, we have MGM-operated Empire City and the Genting-owned Resorts World which have been looking to acquire two of the three casino licenses granted by the statel while the Las Vegas Sands Corporation is lobbying for the third authorization.
However, the governor hasn’t swayed. He will not include new casinos in the new budget proposal despite the opportunity to collect significant revenues from fees and taxes.
Cuomo mentioned
“These are complicated issues, and I am skeptical about quick, knee-jerk reactions to doing something like that, especially if it’s conditioned on money.”
Current Hurdle:
At the moment, there is a prohibition on new casino licenses until 2023. New York officials look to allow current casino operators to develop their businesses before introducing new gambling options. Despite the current ban, operators have been looking to get rid of prohibition while promising to give the state about $6 million which would reportedly cover the total New York’s deficit.
It is also worth mentioning that Gov. Cuomo didn’t accept the proposal to allow sports betting in the state. His budget proposal was free from sports betting wagering despite possible benefits of the sector. At the moment, New York allows sports betting operation in four mobile and online option.
The current situation in New York is not good for the future of sports betting industry. All these suggest that New York residents have the easiest option to enter the neighbouring New Jersey casinos and place sports wagers. It creates serious problems for New York as it loses sources of revenues.
All these arguments cannot convince the New York governor to reconsider his decision about inclusion of online wagering. He asserts that an online gambling option could only be included by changing the state’s constitution. State Sen. Joseph Addabbo Jr, however, doesnt share the governor’s opinion…
Source:
„New York guv still cautious about new casinos“, calvinayre.com, February 26, 2020.
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New York Governor is really stubborn in the intention to prevent additonal casinos in the state…I am not surprised by his reaction and wishes to stay consistent in gambling decisions…However, the state needs to get new gambling offer in the recent future and that’s all I know..