Senators Joseph Addabo and Gary Preetlow have introduced legislation aimed at expediting the process of granting casino licenses in the New York City area. 메이저사이트

New Bill Proposes Advance New York Casino License Deadline To Increase State Revenue
The proposal states that all casino license bids must be submitted by July 31, 2024. The bill also requires the New York State Gaming Commission to approve three licenses by March 31, 2025. For comparison, the current schedule requires that licenses be awarded by December 31, 2025.

Adabo and Pretlow introduced the new legislation because they believe the current timetable is inefficient, the New York Post reported. They added that it is delaying economic gains for the state and believes accelerating licensing could generate billions of dollars in additional revenue for the state.

Adabbo said about 5,000 jobs were being retained as the schedule dragged on, and efficient procedures needed to be implemented. The aim of the legislation is not to benefit certain bidders, but to stamp out the inefficiencies of the current system.

Some industry sources believe the current system is favorable to bidders facing political and zoning challenges.

For example, Mets owner Steve Cohen, who proposed an $8 billion casino near Cityfield in Queens, and related companies, who proposed a $12 billion casino and office tower complex in Manhattan’s Hudson Yards, are among the projects dealing with such obstacles.

However, the accelerated schedules proposed by Adabo and Pretlow could benefit existing slot vendors such as Aquaduct’s Resort World and Yonkers’ MGM Empire City. All they need to do is expand their facilities to include live card games to get their licenses.

New Bill Proposes $500M Advance Fee For NYC Casino Licenses
Under the new legislation, all bidders who get a license must pay at least $500 million in upfront license fees. The legislation also allows two years to address any legal or land-use issues.

However, there are several important challenges. Cohen’s project, for example, needs state legislative approval to redesign the parks around Citi Field for commercial use. However, state Senator Jessica Ramos, who represents the district, has not yet endorsed the approval.

Mr. Pretlow, whose district includes Yonkers Lashino, complained about the slow pace of the process. He noted that New York State is potentially forfeiting $2 billion in revenue.

Gov. Kathy Hochul, who oversees the gaming commission, said she would review all legislation, which was passed by both chambers but has not issued any statements supporting or opposing the accelerating casino licensing process.