New York Bill Speeding Up Casino Process Appears DeadBidding For Licenses Could Stretch Into 2025 |
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The New York City casino licensing process looks like it may drag out a bit longer than some legislators hoped. As the state continues seeing bids from major gaming corporations to bring a casino resort to the Big Apple, a bill was approved in both houses to set deadlines for the licensing process to play out.
However, after two months Gov. Kathy Hochul (D) has yet to sign the bill and it appears that may not happen at all. That time lag critical as the bill was passed in June and set a deadline for this month to see all bids submitted.
“I’ve been trying to get the process moving,” Assemblyman Gary Pretlow (D) told the New York Post in May. “It’s taking too long. We’re leaving $2 billion on the table. Why are we stringing this along? We’re spinning our wheels here.”
Bill Stalled With Governor
The bidding process began in 2023 and in June the New York Gaming Facility Location Board approved a new deadline of June 27, 2025, for all bids to be in.
The state is awarding a total of three licenses around the New York City area, including two expected to properties already in place and one to a new property.
There are numerous players in the bidding process with plans that have included casinos on Coney Island, Citi Field (home of the New York Mets), Nassau Coliseum, and numerous others. Rapper Nas has also been involved in a plan for a license to expand the Resorts World casino at Aqueduct.
“The legislation sets a minimum license fee of $500 million but gives the New York State Gaming Commission the option to accept higher bids,” gaming industry analyst John DeCree told the Las Vegas Review-Journal. “The slot and table tax minimums are expected to be set at 25 percent and 10 percent, respectively, but will ultimately be determined by a competitive bidding process similar to the mobile sports wagering licensing process.”
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