Lawmakers in New York City have made a new proposal to speed-up the process of casino licensing within the state.
New York City Lawmakers Aim For Quicker Casino Licensing To Gain Economic Benefits
This latest proposal demands that all casino license requests are made by July 31st 2024 and needs the approval of the New York State Gaming Commission for three licenses by March 31st 2025.
Sen. Joseph Addabbo and Assemblyman Gary Pretlow, two New York State lawmakers, have released a bill that hopes to quicken the process of awarding casino licenses in New York city.
The current schedule and format will allow licenses to be requested and awarded by December 31st 2025, which has initiated the idea of change.
Pretlow and Addabbo constructed this updated bill as the duo believe the current format to be ‘inefficient’, according to a report from the New York Post.
Additionally, the two lawmakers in New York feel its current structure is stopping huge economic benefits and increasing the speed in which licenses are awarded will bring billions of dollars in revenue.
Addabbo also claimed that the duration of time in which a license is awarded is stopping the prospect of 5,000 new jobs within the state.
People within the industry also feel that this current layout does have benefits, as it gives bidders who are dealing with political and zoning issues more time.
Steve Cohen, owner of the Mets, proposed a new $8 billion casino around Citi Field in Queens and Related Companies has revealed ideas over a $12bn casino in Hudson Yards, Manhattan.
Projects of this size will face issues on the way to completion, and the lengthy deadline will help the process hugely – aiding casinos and online casinos in New York.
Another point raised by Addabbo and Pretlow is that the shortened deadline may help venues with the best online slot games, such as Resorts World at Aqueduct and MGM Empire City at Yonkers.