New York Downstate Casino License Announcement Faces Delays
New York, January 30, 2024 — Anticipation for the announcement of the recipients of three downstate casino licenses is met with growing skepticism as indications point to a potential delay, possibly pushing the unveiling into the first quarter of 2025. This cautious outlook is fueled by notable omissions in Governor Kathy Hochul's proposed budget, where revenues from licensing fees, expected to be substantial, are absent. Fore more news on New York Online Casinos of 2024, check out CasinoLandia's other pages.
Hochul Recently added:
“Ensuring a thorough and transparent process is paramount. The complexities involved demand careful consideration, and any delays are a result of our commitment to maintaining the integrity of the casino licensing framework in New York.”
- Governor Hochul emphasizes transparency and thoroughness in the casino licensing process.
- Delays are seen as a measure to ensure the integrity of New York's casino licensing framework.
- Commitment to a careful and comprehensive evaluation underscores the complexities involved.
Initial estimates had pegged each of the three winning bidders to contribute a minimum of $500 million, potentially reaching $1 billion per permit. The absence of this revenue from the budget has raised concerns about the financial implications for the state and the perceived complexities of the casino permit award process.
The New York State Gaming Commission, through its Gaming Facility Location Board, holds a pivotal role in the unfolding of this process. The next significant step involves the release of a second round of questions for potential bidders, following the answers provided in August 2023. However, the timing for the release of this critical information remains uncertain.
The responses to these queries are crucial for gaming companies contemplating participation in the bidding process. They provide valuable insights that could influence the decision-making process for these entities.
Once the Gaming Facility Location Board releases the second set of answers, a 30-day window will open for interested casino operators to submit their bids to the state. While there is speculation that bidding submissions might commence before the end of the current quarter, industry experts urge caution against overly optimistic expectations.
In addition to the broader regulatory challenges, specific issues related to individual operators are adding complexity to the process. Bally's in the Bronx, along with Mets owner Steve Cohen, and Hard Rock International in Queens, are currently navigating hurdles related to the removal of parkland designations from their proposed casino sites.
On Long Island, Las Vegas Sands and Nassau County are entangled in a dispute with Hofstra University. The university alleges that Nassau County violated New York open meeting laws during the transfer of the Nassau Coliseum lease to the gaming company.
As the casino permit award process encounters potential delays, unresolved controversies and bureaucratic obstacles pose additional challenges for operators vying for a position in the largest US metropolitan area. Stakeholders are closely monitoring developments, recognizing that time is of the essence, and the likelihood of New York awarding the downstate casino permits before the close of 2024 diminishes with each passing day.