The New York Gaming Facility Location Board officially opened the process for three new full casino licenses. Several companies have already expressed interest in opening venues in prime locations, so competition is already heating up. Long-time gambling proponent Sen. Joseph Addabbo used the opportunity to discuss the process and share his insights on the future of gambling in New York State.
High-Profile Operators Will Battle for the Limited Licenses
3 January marked the official start for operators to start submitting their proposals for the three open full casino licenses in New York. Companies that win one of the coveted slots will be able to offer a Las Vegas-style casino experience with slot machines and table games. Successful applicants must pay a $500 million licensing fee and pledge to invest at least $500 million more in their project, requiring serious commitment.
Despite the high entry barrier, multiple operators have expressed interest in expanding to the relatively untapped New York market. MGM-owned Empire City Casino and Resorts World New York City appear to have the upper hand, as they already run established and successful venues they can easily upgrade. However, industry heavyweights like Caesars Entertainment and Wynn Resorts will do their best to snatch a license for themselves.
The board will choose the winners based on job creation, projected revenue, and their venue’s impact on the surrounding area. Times Square, Coney Island, Hudson Yards, and Willets Point are just some of the proposed locations for new casinos. Despite the lack of a concrete timeframe, the process should complete sometime in 2023. The beginning of February marks the first round of talks with potential bidders.
Addabbo Discussed the Benefits of Regulated Gaming
The three new licenses would likely not have been possible without the continued patronage of Sen. Joseph Addabbo. A long-time proponent of regulated gaming and chairman of the Committee on Racing, Gaming, and Wagering, he has been instrumental in shaping the state’s stance on gambling. Addabbo discussed the licenses in a recent interview for Spectrum News, sharing his opinion on their myriad benefits.
New York stands to gain much by the revenue of these licenses, their activity going forward, and the thousands of new jobs.
Sen. Joseph Addabbo
The senator noted that the three new casinos would significantly contribute towards educational funding. He added that introducing more regulated high-profile venues would help reduce problem gambling, hopefully redirecting people away from unsafe alternatives and traveling to other states. Addabbo’s next project involves introducing legalized iGaming in New York by the end of 2023, hoping to create a healthy and safe market benefiting local communities.