No Mention From Governor, But New York Casino Process Moving Along

Author: Live Casino Direct
No Mention From Governor, But New York Casino Process Moving Along
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New York Gov. Kathy Hochul spoke for nearly an hour during her State of the State Address Tuesday. She mentioned sweeping, expensive proposals for mental health, housing, inflation, security, and energy policies. But she never mentioned a key source of state revenue she has pushed aggressively since taking over from Andrew Cuomo two years ago: New York City-area casinos. The New Yorkers Gaming Facility Location Board issued a Request for Applications on Jan. 3 to solicit casino proposals.

The RFA for the New York casino development is due on February 3. The board set a minimum capital investment and license fee for each application of $500 million each. Community Advisory Committee for neighborhoods and cities will review the applications. Local support is key. State legislators could hold sway in the process. . .. It was the case eight years ago when one of the upstate licenses was expected to go to Saratoga Casino & Raceway before a majority of voters in Saratsog and Sarotoga Springs voted against expanding casino gambling in that area.

There are many interested parties in the RFA. Caesars and SL Green want to build a casino in Times Square. Steven Cohen wants to open a resort near Citi Field. Wynn wants a project at Hudson Yards. Thor and Saratoga Casino Holdings want a Coney Island casino. Upstate casinos are not producing the revenue New York leaders promised. The higher license fee for the downstate casino and high tax rates for casino games throughout New Yorkers are deterring applicants.