New York is taking a step towards legalizing internet gambling by including downstate casinos in the state’s budget. The move comes amid increased efforts across the country to legalize and regulate online gaming, with eight states having already passed legislation along these lines.
The “best casinos near me” is a list of casinos in the New York area. The list includes downstate casinos that were previously not included in the budget.
Downstate New York casino fans will be pleased to discover that the local government formally included downstate casino licenses in the new budget last week. Lawmakers have now granted their approval to expedite the issuing of the three commercial gaming licenses, kicking off a bidding process among gaming businesses interested in opening such casinos in the area.
The state slapped a freeze on the three downstate gaming licenses a few years ago to give upstate licensees a fighting shot in the local gambling market. However, politicians and gaming corporations have lately urged lawmakers to speed up the process in order to give more revenue for state finances and promote the Empire State’s casino business.
The horse racing industry is in favor of the decision.
The New York Racing Association and the local horse racing business are celebrating the state’s decision to include downstate casino licenses in its new budget. This is because the budget includes financial safeguards to ensure that revenue-sharing payments from VLT operators would not be reduced if they are granted a full-scale casino license.
Companies who want to get their hands on a full-casino license would have to spend over US$500 million in registration fees, according to the new fiscal budget adopted by Albany on April 8, 2022. This is half of what was originally anticipated. Racing financial assistance payments from casino VLT revenues are now included in the budget.
The revised budget, according to NYRA Vice President of Communications Patrick McKenna, acknowledges the significance of the horse racing business to the state’s economy. He went on to say that fan interest and participation in the industry are at an all-time high, and that Albany’s increased assistance would ensure that the industry remains a source of economic potential.
Due to the expedited processing of gaming licenses, the state’s deadline for awarding the highly sought-after licenses has been pushed back at least a year. Some politicians and industry experts feel that businesses that currently operate in the state’s gambling sector have a better chance of obtaining a license, with Empire State Casino and Resorts World New York City being the two front-runners.
Manhattan is a Possibility
The third license might go to Manhattan if legislators predict properly and two of the licenses go to the aforementioned sites in Yonkers and Queens. However, other residents, like as Manhattan Assemblyman Richard Gottfried, are opposed to the idea. He believes that a proposed casino near Times Square or elsewhere in the borough will degrade the area that he has represented for the last 50 years.
The Empire State previously established the criteria under which the New York State Gaming Commission will evaluate proposals for the three licenses. Senate Bill 8009 stipulates that applicants must spend the largest amount of money, excluding land purchase and infrastructure upgrades, while simultaneously increasing income and creating as many steady employment as feasible at the location that would be given the license.
Tom Precious, Tom Precious, Tom Precious, Tom Precious, Tom BloodHorse, April 9, 2022, “NY Lawmakers Approve Accelerated Timetable for Casinos.”
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