New York Politicians Seek to Speed Up Casino Approval Processes
In the last 11 days of this year's legislative session, two New York lawmakers are pushing for quicker action on awarding three downstate casino permits. Immersion in this process has been slow, but Sen. Joseph Addabbo (D-Queens) and Assemblyman Gary Pretlow (D-Mount Vernon) have recently put forth bills to accelerate the casino permit awarding timeline.
The bills, if signed into law by Gov. Kathy Hochul (D), would require bidders to submit applications by July 31st, potentially leading to approvals by mid-2025. This would expedite the process, as current estimations predict casino permit approvals might not come until late 2025 or early 2026. Pretlow's bill states that the New York Gaming Facilities Board would begin making recommendations on winning bidders as early as March 31, 2025.
If passed, Gov. Hochul could significantly speed up the licensing process, resulting in a nine-month reduction compared to the NYGC's goal of finalizing the licensing by the end of 2025.
Positive Effects of an Accelerated Timeline
Although Addabbo and Pretlow insist their bills are neutral, some bidders stand to profit more than others in case their legislation becomes reality. Resorts World New York in Queens and MGM Resorts International's Empire City Casino in Yonkers could advantage from a quicker turnaround in approving casino applications due to their existing operations. These gambling venues, with facilities already in place, could more easily transition to full-scale casinos.
Las Vegas Sands, seeking to establish a casino hotel in Uniondale, would also benefit from a quicker path to approval.
Yet, a speedier casino licensing process could cause issues for other contenders. For instance, New York Mets owner Steve Cohen and Hard Rock International, collaborating on the $8 billion Metropolitan Park plan in Queens, may face obstacles. Both groups need lawmakers to introduce legislation to change the parkland designation that applies to their sites, but there's uncertainty about whether this will occur any time soon.
Bally's hopes to create a casino resort at a golf course in the Bronx, and they share similar concerns.
The Challenge of Moving Faster
Lawmakers have several reasons to prioritize the Addabbo/Pretlow bills. Casino bidders will pay a non-refundable $500 million fee per winner. The expected creation of thousands of temporary and permanent jobs is another incentive. Public funds will be bolstered by these jobs, as well as new tax revenues generated by the casinos and tax payments made directly by the casino operators.
Still, the window of opportunity is narrow. The New York legislature ordinarily doesn’t convene on Fridays, so we have a four-day workweek. Next week, however, will only feature three working days due to the Memorial Day holiday on the 27th May, and the session wind-ups on the 6th June. Consequently, policymakers have only 11 days to work on these bills, potentially making their passage unlikely. non-refundable application fees of $500 million per winning bidder, and mean the creation of thousands of temporary and permanent jobs. These jobs would also see the addition of new tax revenues to state coffers. However, with just 11 days left in the legislative session and the New York legislature typically not meeting on Fridays, the odds of passing these bills in time are slim.
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Source: www.casino.org
