Fresh Casino Hopes for New York
On Wednesday, 2nd June 2021, news came out that New York legislators had not approved the proposal for a casino in the New York borough. But hopes for the expansion of gambling facilities have been re-ignited with reports that legislators are considering awarding three casino licenses downstate.
The first phase in the implementation of this process will include a request-for-information (RFI). This RFI proposal had already been approved in the April budget plan and will be implemented unless some new objections are brought up before the end of the session in June.
The primary aim for the RFI will be to gather an idea about the interest and scope for the new casinos to be opened. Currently, the way the state law stands, no new casino licenses are to be issued till 2023 around the New York area to give the new upstate casinos adequate time to establish themselves without too much competition.
On Wednesday, for the first time, some apprehensions about the casino proposal were expressed publicly when newspapers reported that Gov. Andrew Cuomo did not want to sign off on the proposal. Reports claimed that the Governor did not want to approve any plan that would allow Manhattan officials to reject the establishment of a casino in their borough.
Some financial experts have predicted that a casino in Manhattan may be more lucrative than one in Brooklyn or Queens. For example, the already existent Aqueduct Racetrack of Queens and the Yonkers Raceway, along with a third casino in Manhattan, is predicted to generate $1.31 billion in taxes from gambling. But a combination of the former two with a casino in Brooklyn is predicted to generate $47.6 million less, and if Brooklyn is replaced with a casino in Queens, the tax revenue will be $58.7 million less.
But Senator Joe Abbaddo, Chairman of the Senate Committee on Racing, Gaming, and Wagering, believes that a new casino anywhere in the five boroughs will be very profitable. He also believes that the objective of licensing a new casino is to provide an economic advantage to a financially struggling area. In such a case, Manhattan, which is already a flourishing economic zone, may not need the additional boost of the casino industry.
There is no guarantee whether Manhattan will receive a new gambling license or go to Brooklyn or Queens. But New York State legislators are certainly aware of the economic benefits of casinos are ready to bring these benefits to the people of the State.