The legislation proposal meant to speed up the bidding for downstate casino licenses in New York has pretty much stopped in its tracks. People who know the industry and political scene agree that the bill is as good as dead. The bill intended to get bids rolling in by the end of August 2024. But Gov. Kathy Hochul will not do anything with it, so it will just run out of time and die on its own.

Governor’s Inaction Casts Shadow on New York Casino License Bill

The bill, introduced by Senator Joseph Addabbo (D-Queens) and Assemblyman Gary Pretlow (D-Mount Vernon), proposed a deadline of August 31 for casino operators to submit their bids for three available licenses in the New York City area. However, with only a few weeks remaining in August and no action from the governor’s office, observers believe the bill is moot. 

Bennet Liebman, a government law professor and former member of the New York State Racing and Wagering Commission, pointed out the impracticality of expecting casino developers to prepare proposals for multi-billion-dollar projects within such a short time frame, reported Newsday.

The governor’s quiet stance on the bill has many people guessing that her team likes the schedule set by the state’s Gaming Facility Location Board. This plan gives companies until June 2025 to hand in their bids. 

Michael Hershman, CEO of the Soloviev Group, one of the companies planning to bid for a casino license, expressed that the bill’s lack of movement indicates a clear preference for the 2025 timeline, which is considered more feasible for both applicants and regulators.

Extended Casino License Timeline Raises Concerns Over Potential Revenue Loss for New York State

The delayed timeline has disappointed some lawmakers, particularly Pretlow, who expressed frustration that the process will extend until the end of 2025. Despite this, there are signs that the bill served a purpose by pushing the Gaming Facility Location Board to finally set firm dates for the bidding process. Before the bill was passed, the Board had hesitated to establish a schedule, citing unresolved zoning issues in New York City.

If the current schedule stays on track, casino companies have until June 2025 to hand in their plans. The final choices should come by December 2025. This means new casinos wo not break ground until 2026 at best pushing back the date when these new places might open.

Waiting longer to open the bidding process might hit New York State’s wallet. By holding off on getting bids, the state puts off getting big application fees. It would also delay the huge license fees that could be $500 million to $1 billion for each casino.

This wait could also change who has the upper hand. Places that already have slot machines, like MGM’sEmpire City Casino in Yonkers and Genting’s Resorts World in Queens, could get ahead if they win bids. These spots could quickly become full casinos giving them a jump start ahead of new players.

The post Efforts to Accelerate License Bidding in Downstate New York Grind to a Halt appeared first on Keno Wizard.