Legislation to expedite applications for three New York area casino licenses has a bleak outlook. Opening the window for proposals by the end of this month was the goal of the bill, but that seems unlikely with less than three weeks left until the end of August.
Governor Kathy Hawkul (Democrat of New York) has not publicly supported the bill, which adds to the ominous fate of the bill.
In May, Senator Joseph Addabbo (Democrat from Queens) and Assemblyman Gary Pretlow (Democrat from Mount Vernon) proposed bills in their respective chambers that would have allowed gaming companies to submit proposals for three permits in southern parts of the state in late July. That date has been pushed back to Aug. 31, but if approved, it could put mid-2025 on the table for a decision on the winning bidders.
Kathy Hocool has not publicly stated that she won’t sign the bill, so industry experts and New York political observers believe the writing is already on the wall. Even if the Addabbo/Pretlow bill is approved soon, gaming operators won’t have enough time to prepare bids to build arguably some of the most expensive casino hotels in U.S. history.
Ominous Prospects For Accelerating Casino Betting In New York City
Even Pretlow admitted to Newsday that it is currently unlikely that Hochul is going to bring the bill forward before the end of this month.
Michael Hershman, CEO of Soloviev Group, agreed, telling Newsday that the accelerated licensing bill is now a “moot point.”
Soloviev Group is partnering with casino giant Tribal Mohegan to build a proposed gaming facility near the United Nations building on Manhattan’s East Side.
For the applicants, the early opening of the bidding window is likely to be applauded because as things stand now, the New York Gaming Facility Location Board is considering June 27, 2025 as the date for submitting bids. After that, “Community Advisory Committees (CACs) will immediately be formed and begin their statutory work.”
By December 1, 2025, the board plans to make decisions and then be licensed by the Commission by December 31, 2025. This ensures that New York State will collect the casino license fees already booked ahead of schedule,” the board said.
Assuming that schedule is met, 2026 would be the earliest date that new gaming venues could open. That means it could be several years before they come into full effect.
Why It Makes Sense To Expedite Casino Licenses In New York City
By not taking immediate action to speed up the licensing process, New York is delaying millions of dollars in application fees, not to mention $500 million for each winning bidder – a figure some experts believe could be as high as $1 billion per license.
It’s possible that if final approval of the three downstate casino licenses arrives at the end of 2025, MGM Resorts International’s Empire City Casino in Yonkers and Genting’s Resorts World New York in Queens could establish a lead over a third rival assuming those venues are selected for two of the permits.
These establishments already operate as casinos specializing in slot machines, and both are among the most profitable regional gambling establishments in the country. The operators promise significant improvements if they are successful in obtaining traditional casino licenses. As a result, Genting and MGM may be able to add table games and other amenities without significantly disrupting current operations.
