New York Casino Licenses Delayed til 2025 Amid Tumultuous Politics and Controversy
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Further delays are anticipated in the awarding of three downstate casino licenses in New York, according to well-established predictions, pushing the already sluggish process well into the year 2025. This delay underscores New York’s notorious reputation as the epicentre of tumultuous casino politics.
Brendan Bussmann, of B Global Advisors, recently shed light on the gaming political landscape in a report through Truist Securities, commenting on the affairs in several states including New York. The drawn-out nature of the awarding of three New York City-area casino licenses has led Bussman to lend credibility to a possible 2025 timeline.
Bussman put forth the question in his report, wondering about the length of the process’ subsequent stages, especially given the likely complications arising due to several multi-billion-dollar projects. He also indicated the possible surprise that neither Genting nor MGM Resorts International may be guaranteed contenders to secure two of the three downstate licenses.
Genting and MGM’s ‘favored nation’ status appears to have been whittled down due to the scandal involving Scott Sibella, who is suspected of having a part in an illicit sports betting ring that could impact these operators’ attempts to obtain New York casino licenses. This could potentially pave the way for other big players such as Caesars Entertainment, Las Vegas Sands, and Wynn Resorts to triumph in New York. Bussman asserted things will not be an easy ride in the Empire State.
Bussman also spoke about the foreseeable chaotic situation involving real estate moguls, a heavily politicized process, and a competitive race prompted by high sports betting tax rates. He further mentioned the potential implementation of online gaming towards next year, a move that would appeal to online sportsbook operators who are currently shouldering New York’s hefty 51% tax rate, the highest in the nation.
On the same note, the introduction of internet casinos could present as an alternative source of revenue for New York, considering the decline in its population due in part to high taxes, shrinking its income tax pool. It’s likely that gaming could potentially bring in this much-needed revenue, hinting at a possible legislative drive for online casinos next year.
Adding onto this potential new era of online gaming, we at West Island Blog recognize the importance of providing useful information for those interested in exploring this sphere. As part of our commitment to keeping our community informed and safe, we have compiled a list of the best online casinos available this month. This helpful guide can steer Canadian gamblers towards secure and rewarding gaming experiences, acknowledging that every player deserves to place their stakes in a fair and protected environment. We continuously strive to offer updated insights into the online casino landscape, making your online gaming journey as enjoyable and safe as possible.
