- Key Takeaway One: New York's Senate and Assembly have overwhelmingly voted in favor of a bill setting a firm deadline for choosing downstate casino operators.
- Key Takeaway Two: Senator Joe Addabbo's bill, SB 9673, aims to streamline the casino licensing process, with recommendations due by December 31, 2025, and licenses issued by March 31, 2026.
- Key Takeaway Three: The legislation could generate up to $3 billion in license fees, signaling a significant economic boost.
- Key Takeaway Four: The bill's progress reflects a broader push for gambling expansion in New York, including potential future moves towards legalizing online casino gaming.
In a move that could reshape New York's gambling landscape, both the Senate and the Assembly have cast decisive votes in favor of a bill spearheaded by Senator Joe Addabbo, setting a strict timeline for the selection of three downstate casino operators. With a 51-4 Senate and a 51-9 Assembly vote, the passage of SB 9673 is a clear indicator of New York's ambitious drive towards expanding its casino industry. This legislation now awaits Governor Kathy Hochul's signature, a formality expected to be a mere formality given her known stance favoring the expansion of retail casinos.
The Road to Legislative Approval
In an extended session that surpassed its scheduled adjournment on June 6th, legislators rallied to vote on this pivotal bill. SB 9673 introduces a crucial amendment demanding the New York Gaming Facility Location Board finalize its recommendations for downstate casino locations by the end of 2025, with a final licensing deadline set for March 2026. This accelerated timeline, initially proposed by Addabbo to be a year earlier, reflects the urgency and high stakes involved in this expansion effort.
A Catalyst for Economic Growth
Senator Addabbo has been vocal about the potential economic windfall these new casinos represent, estimating up to $3 billion in licensing fees alone. With developers potentially willing to bid as much as $1 billion per license, the fiscal implications are significant. This legislative push comes on the heels of an announcement in October 2022 by the New York Gaming Commission, which kickstarted the selection process by pricing licenses at a minimum of $500 million and inviting proposals.
Leading Contenders and Future Prospects
Empire City Casino and Resorts World are among the frontrunners in this high-stakes race for licenses, indicating intense competition and high interest in the state's gambling expansion. Additionally, Las Vegas Sands has unveiled plans for a flagship project on Long Island, underscoring the broad and varied interest in New York's casino market.
Beyond Brick-and-Mortar: The Online Horizon
The narrative surrounding New York's gambling expansion isn't confined to physical casinos. Senator Addabbo's advocacy for online casino gaming underscores a broader legislative agenda aimed at diversifying and modernizing the state's gambling offerings. Despite a setback with Governor Hochul's refusal to include iGaming in the state budget, legislative efforts persist, demonstrating a sustained interest in broadening New York's gambling ecosystem.
Conclusion
As New York stands on the cusp of a significant gambling expansion, the passage of SB 9673 marks a pivotal moment. With a clear timeline now set for the selection and licensing of downstate casinos, the stage is set for a transformation in New York's gambling landscape. This legislative milestone, coupled with the potential for online gambling legalization, signals a bold move towards harnessing the economic benefits of a diversified gambling industry, promising a future of growth and innovation.
