Author: Joe Kizlauskas
Last Updated: 13th December 2022
The casino scene in New York will follow the trend established for the next decade. Governor Andrew Cuomo of the northeastern U.S. state, still has the same opinion on the gambling–judging by his recent claims.
He will not endorse a “knee-jerk reaction” according to Cuomo’s terms, and facilitate the opening of additional casinos in the state.
In campaigning for the introduction of new casinos in New York, several prominent operators joined forces. The companies have given the state about $500 million for the licence in return.
Next, we have MGM-operated Empire City and Genting-owned Resorts World that were looking to secure two of the statel’s three casino licences while the Las Vegas Sands Corporation is fighting for the third licence.
The governor has not moved, however. Even considering the potential to raise significant revenue from fees and taxes, he will not include new casinos in the new budget plan.
“These are complicated issues, and I am sceptical about quick, knee-jerk reactions to doing something like that, especially if it’s conditioned on money,” he said.
A ban on new casino licences is currently in effect until 2023. New York officials are looking to encourage existing casino operators to expand their businesses before new gaming options are added. Despite the current ban, operators tried to get rid of the ban by promising to give the state around $6 million that would cover the entire shortfall in New York.
It is also worth noting that the plan to legalise sports betting in the state was not approved by Gov. Cuomo Notwithstanding potential industry incentives, his budget proposal was free from sports betting wagering. New York currently allows operation of sports betting at four casinos and tribal locations, without mobile and online choice being included.
New York’s current situation isn’t good for the future of the sports betting industry. All of these mean that residents of New York have the best option to enter and position sports wagers in the nearby New Jersey casinos. It poses serious challenges for New York, as it lacks revenue sources.
All these reasons can not convince the governor of New York to rethink his decision regarding the inclusion of online wagering. He argues that an option for online gambling could only be provided by changing the constitution of the State. But State Sen. Joseph Addabbo Jr. doesn’t share the opinion of the Governor.