New York casino selection process expected to last until 2025
With 2024 less than three months away, it’s becoming increasingly clear that no decision will be made on downstate New York’s casino licenses this year.
New York Gaming Commission (NYGC) Executive Director Robert Williams noted earlier Monday that creating a 30-day window for gaming companies to submit formal applications to the state for casino licenses in three states is not feasible. Because New York City needs to change various zoning laws so that at least one site can be located in the five boroughs. The process could take much of this year, meaning a decision on the winning bidder won't be made until late 2025.
In November, Democratic New York Mayor Eric Adams proposed a citywide zoning amendment that would allow sites in the five boroughs, but there are still 10 more to be approved before the proposal can take effect. Step needs to be cleaned up.
"Staff believes this timeline is consistent with existing regulatory requirements ... and provides sufficient time for local construction permitting that will result in the best, most comprehensive plan for commercial casino development," Williams told NYGC board members.
Earlier this year, there were hopes the state would be able to open a 30-day bidding window by July, but that now looks unlikely.
No surprises regarding 2025 New York casino approval timeline
While lobbyists and gaming industry observers are optimistic that changes to New York casino licenses will occur sometime this year, other experts warn it could become an issue in 2025, citing bureaucratic delays and more.
Additionally, Gov. Kathy Hochul's (D-N.Y.) budget for the current fiscal year does not include casino applications and receipts of royalties, suggesting Albany does not expect a decision on the matter this year. Williams said the state doesn't expect to see those revenue streams until the 2025-26 fiscal year.
Another issue that could delay the opening of the bidding window is that some gaming companies are waiting for lawmakers to change parkland designations where their casinos are located. This goes for Steve Cohen and Hard Rock International in Queens and Bally's in the Bronx.
Additionally, Las Vegas Sands' efforts to build a casino resort in Nassau County have been hampered by lawsuits from opposition groups such as Hofstra University. Sands' proposal is widely considered one of the more realistic proposals for a New York casino license.
The five districts are very important
As things stand, only MGM Resorts International as well as Empire City in Yonkers and Resorts World New York in Queens are willing to participate in the bidding process that will begin on short notice. The same could apply to Sands if it can put the lawsuit above behind it.
However, of the three projects, only Resorts World New York in Queens is located in one of the five boroughs, and policymakers in Albany and the city may want to ensure there is a level playing field for gaming companies evaluating Manhattan as this More could mean tax revenue for the state.
When the bidding process begins, companies including Caesars Entertainment Corp. and Wynn Resorts will propose opening casino hotels in Manhattan.
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Source: www.casino.org
