New York Hands Out Three Casino LicensesProjects Get Final Approval From State Regulators |
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It was a long wait, but the state of New York has finally licensed the commercial casinos it authorized in a 2012 bill. The state decided which projects it wanted to go with back in December 2014, but the process to formally license them took awhile, ending with decisions Monday from the State Gaming Commission.
New York currently has nine racetrack casinos and five tribal casinos, but politicians want more gambling in order to keep more gaming revenue within state borders. There has been a so-called casino arms race in the Northeast over recent years, with nearly every state in the region taking steps to bolster its respective gambling offerings.
According to a report from The New York Times, the region is already home to more than 40 casinos and racinos. New York said its residents spend $1 billion each year at out-of-state casinos.
The Empire State decided to put the casinos upstate, rather than close to New York City, in an effort to help local economies. The decision drew some criticism from top casino operators.
The licenses went to a $750 million casino near Monticello in the Catskills, a $300 million casino in Schenectady and a $425 million casino in the Finger Lakes. The three casinos are to be called Montreign Resort Casino, Rivers Casino & Resort and Lago Resort & Casino, respectively. Work on the Montreign casino began in February, and it could open in mid-2017.
The new casinos are expected to add to New York’s live poker offerings. The state currently has three poker rooms catering to a population of 19.75 million.
Allowing a fourth casino was decided upon earlier this year, but no license has been awarded for the casino in the Southern Tier region.
New York considered online poker regulation earlier this year in a hearing. A vote wasn’t held, but the hearing was favorable to online poker. Testimony did indicate that regulated online casino games are likely years away in the Empire State and would come after the new casinos are built.
The state’s online poker market could be as much as $120 million after the first year.
New York’s casino push comes as nearby Atlantic City continues to see a dwindling gambling market. The Garden State is now considering casinos outside of Atlantic City.
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