The New York State Gaming Commission has revealed the criteria that casino operators must meet in order to obtain a license, opening the doors for more casinos in Downstate. This is great news for those who are interested in getting into this industry, but it’s important to remember there may be some red tape before you can open your doors.
The “best casinos near me” is a list of the top 10 casinos in New York. The criteria for licensing includes location, size, and number of games.
There has been some movement on the three commercial casino licenses that are now available in downstate New York. A measure that explains and highlights the selection criteria for ideal applicants was recently revised in the New York State Senate. The New York State Gaming Commission will establish the tax rate following a bidding procedure, according to the municipal government.
Downstate commercial casino licenses were placed on hold a few years ago by the state to enable upstate casinos to establish themselves in the local gaming business. The state is now contemplating speeding up the licensing process, estimating that downstate casinos would generate US$1.5 billion in income for the state economy.
Bill No. 8009 in the United States Senate
The new Bill No. 8009 in the United States Senate states that applicants will be selected on the basis of numerous factors. Some of the criteria include realizing maximum capital investment exclusive of land acquisition and infrastructure improvements. As well as maximizing revenue received by the state and localities, and providing the highest amount of quality jobs at the property that would receive the license.
Furthermore, the law states that the best candidate would provide a realistic and achievable development timeline for the full-scale commercial gambling property’s completion. Operators must also establish their capacity to fully fund the casino when applying, as well as communicate with local residents and negotiate with the proper municipal governments.
Several gaming companies have indicated interest in entering the state’s gambling sector and obtaining one of the downstate New York licenses thus far. There are other businesses that currently operate in the area and have gained significant local support from residents and politicians. Resorts World New York City Casino and Empire City Casino are the front-runners in this competition.
State Senate Majority Leader Andrea Stewart-Cousins, for example, has expressed her support for MGM Resorts International’s Empire City Casino to earn one of the three licenses. She said that she supports her local casino, which she believes has already shown its importance to the Yonkers community and, in her opinion, could do much more if converted into a full-fledged casino.
Tom Reeg, the CEO of gambling behemoth Caesars Entertainment, has said that the business has no plans to join the industry. Mr. Reeg characterized the gaming market in Empire State as tough, and revealed that the operator had no plans to seek for one of the licenses. His reasons are that the license cost will be substantial, and that building there would be too expensive for the corporation.
Three Potential Locations
Hard Rock International, a gaming corporation, has lately shown interest in opening a casino in downstate New York. The Seminole tribe-owned business said last week that it is looking at three prospective casino sites in the region. However, it did not give specific locations, other than stating that it would not be at its soon-to-open 446-room Hard Rock Hotel New York.
Mike Mazzeo, Mike Mazzeo, Mike Mazzeo, Mike Mazzeo, Mike PlayNY, February 23, 2022, “Bill: Tax Rate For New York’s Downstate Casinos Will Be Determined Via Bidding Process,”
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