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The New York Casino Industry will Have to Wait for New Licensing

New York

New York is under seize for proposals to launch new private casinos in the metropolitan area. Arguments are being tossed back and forth based on the existing 2013 ban on new venues. A lot of money is at stake, according to Robert Mujica, state Budget Director. He questions whether the Empire State can afford the new ventures.

If new licenses are granted, casinos that had to wait until 2023 can begin operation. In 2016, four upstate casinos receiving authorization were given seven years of exclusivity. If newbies are given permission to enter the field, nearly $300 million in refunded licensing fees as compensation will hit the state budget hard. “We don’t have the resource to open up the gaming downstate and also pay the upstate casinos,” Mujica told reporters.

He went on to explain that revenues from the new casinos will take years to have an impact. Nevertheless, in the long run the state will reap millions from licensing fees for downtown enterprises.

It will depend on the Assembly Democrats according to Carl Heastie, Assembly Speaker. Apparently in his view, members are not chomping at the bit over the prospects. It is currently an issue “of concern.” Gamers in Manhattan, hold your horses.

A version of this article first appeared at timesunion.com

About the author

Carol Kay

Carol Kay

Carol Kay is an American editor and writer living in California with a background in business and finance, health and fitness and popular culture. She is the author of numerous books and articles on a variety of subjects. She is dedicated to disseminating information of public import on the internet.

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