New York City Casinos US$216.3 Billion Budget Proposal


Share post:

Gov. Kathy Hochul unveiled her $216.3 billion budget proposal on Tuesday. If passed and accepted, it will finally bring legal gambling to New Yorkers. That’s because the budget proposal put forward by Governor Hochul includes the three casino licenses everyone in the Big Apple has been talking about lately.

Hochul’s budget allows the State Gaming Authority to begin an application process for three new gaming establishments that, if all goes according to plan, will be located in New York City.

Four full-fledged casinos operate in upstate New York. However, there are only slot machine rooms in upstate New York. This will change when the new budget proposal gets the green light.

The Focus is on NYC

Robert Mujica, the budget director, said that even though they don’t stipulate in the spending plan that the three gambling parlours must be in New York City, it was very likely that they would be there. That’s because most casino applications would probably focus on downstate New York anyway, according to Mujica. 

The budget director also emphasized that there would be a competition for the three casino licenses. However, it is expected that Genting’s Resorts World and MGM’s Empire City would be the favorites to get licenses, as they already operate slot machine parlours in downstate New York.

A Win-Win-Win Initiative

Online sports betting and mobile wagering became legal in New York State at the beginning of January this year. It is expected that revenue from online betting licenses and taxes will boost the economy in the Empire State. The same will happen when the three new casinos open in downstate New York. 

The chairman of the Standing Committee on Racing and Wagering, Gary Pretlow, said that he loved the spending plan Hochul presented. He added that just through the licenses they will collect enough money to boost the economy and help schools and the community. 

He expects the three casinos to “raise anywhere between US$1 billion and US$2 billion.” Pretlow called the plan “a win-win-win”, as it would be beneficial for the state, create more jobs, and tax revenue.

Resorts World, one of the favourites for getting an NYC casino license, said that legal gambling in New York City is “full of untapped potential”. The casino operator added that Hochul’s plan to award three casino licenses for downstate New York was an important step that would eventually lead to the state making the most of its enormous promise. In its statement, Resorts World highlighted the effects the initiative would have on the entire state. According to the company, it would open new jobs on “day one”, as casinos would hire and train union members the instant they get the green light to start working. It would then create money for schoolshelp local businessesdrive the economy, and help the community in Queens


Please enter your comment!
Please enter your name here


Related articles

Exploring the Role of Technology in Online Slots

The world of online slots casinos has undergone a remarkable transformation with the rapid advancement of technology. What...

Technological Advancements Enable Sophisticated Scams within the Casino Industry

In recent years, the casino industry has experienced a surge in technological advancements that have enhanced player experiences...

Technological Advancements Propel the Future of Online Sports Betting

In recent years, the global online gambling industry has witnessed a remarkable surge in popularity, with online sports...

Asia-Pacific region the fastest-growing gambling market in the world

According to the experts’ reports, the Asia-Pacific region is the fastest-growing gambling market in the world. Generally, the...