New York State Governor Andrew Cuomo recently issued his official position on gambling expansion on a regional level. He pointed out that acting too quickly on allowing well-rounded casino operation in the Downstate New York area might be a wrong move in the long run, as it would raise concerns on a state level while also threatening existing businesses. The process would have to be a gradual one, possibly not taking place before 2023.
Empire City Casino located in Yonkers and Resorts World New York City in Queens are two gambling locations that are able to bring diverse gaming offerings closer to the locals. The former features electronic tables, video lottery terminals, as well as video blackjack opportunities. The latter has progressive slot machines, video poker and more.
Three Casino Licenses Remaining
However, neither of those two locations could be considered a real casino venue, as they do not feature live table games bringing the real-life experience closer to the people. Casino operators have been looking forward to 2023 when the state would have permission to issue three more casino licenses for fully-fledged operation.
The issuing of those three casino licenses would make the number of commercial and tribal casinos an equal one, presenting equality and balance to the local field. Over the past few months, a conversation about a license issuing earlier than projected has been in progress, but would this be possible in reality? Gov. Cuomo recently pointed out that this is not the time for spontaneous actions on a local scale.
The licenses are expected to cost about US$500 million each, an amount that would make it possible for the state coffers to see a significant boost. There is a US$6.1-billion hole in the state budget that needs to be filled before it grows even larger. Gross gambling revenue, sports wagering revenue, as well as the gambling expansion are expected to alleviate the situation.
Expanded Gaming in 2023
The budget he discussed in January included neither online sports wagering nor gambling expansion in Downstate New York. April 1 is about to see the deadline for this conversation, potentially postponing it to the beginning of 2021. Gov. Cuomo wants to have a better look at all the sides to the expansion and do not rush things. It should be taken into account that the four commercial casino venues need more time for development.
The first wave of gaming expansion in New York State covered Upstate New York and saw the four commercial casinos launch operation in a gradual manner. They needed about two years to begin seeing an upwards progression of their gross gambling revenue, a process further boosted by the in-person sports wagering introduced in the summer of 2019. MGM Resorts and Genting are hoping to see gambling expansion sooner than expected.
The ultimate goal of the two gambling venues in Downstate New York would be the introduction of live table games, as well as in-person sports wagering that would further increase the flow of individuals making their way there. Privately owned slot machines would also be a positive change in the state-owned status quo. The state has yet to see the results of the gambling habits study that observes the field for the first time in years.
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