Downstate casinos one step closer to reality
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NEW YORK- The state’s gambling regulators have unveiled the first round of questions and answers (Q&A) submitted by downstate New York casino applicants. The report, released by the State Gaming Commission and Gaming Facility Location Board (GFLB), provides insights into the concerns and queries raised by the 11 applicants vying for one of the three available casino licenses downstate.
The slow pace in addressing these questions has raised concerns, particularly considering the significant economic potential associated with the downstate casinos. These establishments are expected to generate thousands of jobs, contribute millions in local taxes, and rake in billions in gambling revenue. The three licenses alone are projected to bring in an immediate $1.5 billion. However, in order to secure one of these coveted licenses, applicants must commit to a $500 million fee and invest at least $500 million in capital improvements.
There are also concerns among officials in the Hudson Valley and Catskills about what impact downstate New York casinos will have on business at upstate facilities.
State Senator Joe Addabbo (D, Queens), who chairs the Senate Committee on Racing, Gaming, and Wagering, believes expediting the licensing process is important for realizing the potential benefits.
“The quicker the three licenses are approved, the quicker we can begin to realize the major benefits to the state, such as thousands of construction and post-construction jobs, billions in revenue from the licenses, an increase in problem gambling monies and programs, as well as billions more in educational funding when the winning casinos go live,” said Addabbo.
The recent authorization of online sports betting has made the state’s market one of the largest in the United States. Public data indicates that over $10 billion has been legally wagered on sports in New York, and online sports gambling has contributed more than $469.3 million in taxes this year, marking a 30 percent increase from the previous year.
Finally, there is growing anticipation that online casinos and internet lottery options could become subjects of consideration by state lawmakers in 2024, further fueling the industry’s expansion.
