The gambling sector in New Year received a huge boost recently, as the legislators announced approval for three new casinos. The approval came in part of the state’s 220 billion-dollar one-year budget passed by Governor Kathy Hochul.
The casinos fall under Proposal 1 of the New York Casino Gambling Amendment, part of the November 2013 voting ballot. The state passed the bill to boost school funding, reduce local property taxes, and promote job growth.
The state decided it could authorize up to seven new casinos throughout two phases. Four out of these casinos will be established in upstate New York as part of the first phase. Once seven years had passed, the remaining three casinos were established in New York City during the second phase.
Senator Joseph Addabbo Junior, Chair of the Racing, Gaming & Wagering Committee, talked about the development. According to Senator Joseph, the budget approval would help the state generate immense revenue. In addition, it would create new job opportunities, even if the work is merely beginning.
The budget law allows New York legislators to accept casino applications from 2022, reducing the time by year between the two phases. The authorities set a minimum of 500 million dollars in license fees, and still, numerous casinos approached them for approval.
The proposals will be reviewed by a six-man community, appointed by the mayor, the state, the governor, and local representatives. Two-thirds of the committee will vote to ensure the application is shared with state authorities for future consideration.
Despite being a cutthroat competition for the slots, many believe that Genting Group and MGM Resorts will cover two of the three positions. While there is no official confirmation, given the stature and reach of the casinos, the speculations can most likely turn out to be true.