{"id":3195,"date":"2024-08-11T09:00:33","date_gmt":"2024-08-11T09:00:33","guid":{"rendered":"http:\/\/restaurace-pohoda.eu\/?p=3195"},"modified":"2024-09-12T13:31:16","modified_gmt":"2024-09-12T13:31:16","slug":"bill-to-expedite-nyc-casino-licenses-on-life-support","status":"publish","type":"post","link":"http:\/\/restaurace-pohoda.eu\/index.php\/2024\/08\/11\/bill-to-expedite-nyc-casino-licenses-on-life-support\/","title":{"rendered":"Bill to Expedite NYC Casino Licenses on Life Support"},"content":{"rendered":"

Legislation to speed up bidding for three New York City-area casino licenses faces a bleak near-term outlook. The objective of the bill was to open the window for proposals by the end of this month, but that appears unlikely because there\u2019s less than three weeks left in August.<\/p>\n

\"New
An aerial shot of the New York State Capitol and Empire State Plaza in Albany. A bill to speed up downstate casino approval appears to be headed to the legislative graveyard. (Image: NY.Gov)<\/figcaption><\/figure>\n
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Compounding the ominous fate of the legislation is the point that Gov. Kathy Hochul (D-NY) hasn\u2019t publicly endorsed the bill. In May, Sen. Joseph Addabbo (D-Queens) and Assemblyman Gary Pretlow (D-Mount Vernon) proposed bills<\/a> in their respective chambers that would have allowed gaming companies to submit proposals for the three downstate permits at the end of July. That date was pushed out to Aug. 31, but if approved, it could have put mid-2025 on the table for a decision on the winning bidders.<\/p>\n<\/div>\n

Although Hochul hasn\u2019t publicly said she won\u2019t sign the bill, industry experts and New York political observers believe the writing is on the wall. Even if the Addabbo\/Pretlow legislation was approved imminently, there\u2019s not enough time for gaming operators to ready proposals for what are likely to be some of the most expensive casino hotels in US history<\/strong>.<\/p>\n

Ominous Outlook for Speeding Up NYC Casino Bids<\/h2>\n

Even Pretlow acknowledged to Newsday <\/em>that it currently appears unlikely that Hochul is going to move on the bill before the end of this month.<\/p>\n

Michael Hershman, CEO of the Soloviev Group, echoed a familiar refrain, telling Newsday<\/em> the expedited licensing bill is now a \u201cmoot point.\u201d The Soloviev Group is partnering with Tribal casino giant Mohegan on a proposed gaming venue near the United Nations building on Manhattan\u2019s East Side<\/a>.<\/p>\n

For contenders, an early opening of the bidding window would likely be met with applause because as things stand today, the New York Gaming Facility Location Board is eying June 27, 2025 as the date for applications to be submitted. After that, \u201cCommunity Advisory Committees<\/a> (CACs) will form immediately thereafter and commence their statutory work.\u201d<\/p>\n

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The Board expects to make decisions by December 1, 2025, followed by Commission licensure by December 31, 2025. This ensures that New York State will collect the already-booked casino license fee(s) ahead of schedule,\u201d according to the board.<\/p>\n<\/blockquote>\n

Assuming that\u2019s the timeline that\u2019s adhered, 2026 would be the earliest at which ground could be broken new gaming venues, meaning it could be several years before they\u2019re fully operational.<\/p>\n

Why Speeding Up NYC Casino Licenses Makes Senses<\/h2>\n

By not swiftly moving to speed up<\/a> the licensing process, New York is delaying receipt of millions of dollars in application fees not to mention $500 million per winning bidder \u2014 a figure some experts believe could drift as high as $1 billion per license.<\/p>\n

It\u2019s possible that if final approval of the three downstate casino licenses arrives at the end of 2025, MGM Resorts International\u2019s Empire City Casino in Yonkers and Genting\u2019s Resorts World New York in Queens could establish a lead over a third rival assuming those venues are selected for two of the permits.<\/strong><\/p>\n

Those properties are already operational as slots-only venues with both ranking among the highest-grossing regional casinos in the country. The operators have promised major enhancements if they\u2019re awarded traditional casino licenses and that is the outcome, Genting and MGM can likely add some table games and other amenities without significant disruptions to day-to-day business.<\/p>\n

The post Bill to Expedite NYC Casino Licenses on Life Support<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Legislation to speed up bidding for three New York City-area casino licenses faces a bleak near-term outlook. The objective of the bill was to open the window for proposals by the end of this month, but that appears unlikely because there\u2019s less than three weeks left in August. An aerial shot of the New York…<\/p>\n","protected":false},"author":1,"featured_media":3197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[],"_links":{"self":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3195"}],"collection":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/comments?post=3195"}],"version-history":[{"count":2,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3195\/revisions"}],"predecessor-version":[{"id":3198,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3195\/revisions\/3198"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media\/3197"}],"wp:attachment":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media?parent=3195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/categories?post=3195"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/tags?post=3195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}