New York Casino: License expected to cost ‘at least’ $1 billion.

New York Casino: License expected to cost ‘at least’ $1 billion.

New York would apply minimum licensing fees of “at least” US$1 billion each – double than initially expected – for those seeking approval to operate a downstate casino, according to a 2022-2023 state budget proposal. The state Gaming Commission needs to issue a request for applications by July 1, 2022, with a submission deadline of 60 days later. The licenses would be awarded by December 1, 2022, with ten-year licenses being issued

New York’s Dream of Mobile Sports Betting Hits a Roadblock

Senate Authorize The Issue Of Additional Casino Licenses

The Senate amended legislation to authorize the issue of additional casino licenses by limiting the number of facilities per zone and setting application scoring standards, including a diversity category, in order to “ensure that jobs and casino ownership reflect New York’s diverse workforce.” This follows the New York Gaming Commission’s October 2021 call for information, which was tasked with ascertaining operator interest in establishing and/or operating one of the city region’s three casinos. This was designed to assist the Commission in identifying the right size and scope of development, the value of the gaming facility license, and the award method to use.

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New York Casino Gaming License 

According to state law, the regulator may pursue the development of three downstate casinos in New York, following former Governor Andrew Cuomo’s previous strategy of pushing for the inclusion of upstate gambling facilities in an effort to spur job creation and reduce unemployment in disadvantaged communities. Resorts World, MGM Resorts, Bally’s, Las Vegas Sands, and UE Resorts are believed to be interested. UE Resorts was formed by the combination of Miami-based SPAC 26 Capital Acquisition and Tiger Resort, Leisure and Entertainment, operating as Okada Manila.

Additionally, the Senate claims that it has advanced a plan “to allow other applicants to apply for licenses for mobile sports wagering.” However, the request for proposals must include a scoring component that fosters market diversity in applicant ownership, leadership, and workforce, including minorities, women, and service-disabled veterans. This follows filings by Joseph Addabbo and J Gary Pretlow seeking to boost competition in the Empire State’s digital marketplace, which included a condition requiring the state to potentially halve the current tax rate of 51%.

New York State Allowing Commercial Casinos and Slots 

This is based on the number of licensed mobile sports betting businesses, with the goal of having 14 operating by January 31, 2023, and 16 by January 31, 2024. In January, New York State legalized mobile sports betting, indicating interest in internet casinos. This would allow commercial casinos and tribal nations to operate online slots and table games within state limits, with each paying a $2m charge.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.