Viva NYC! New York City set to allow casinos

New York state lawmakers have greenlit casinos in and around the nation’s largest city as part of budget negotiation this week, reports The Wall Street Journal.

Up to three licenses for casinos will be awarded in New York City’s five boroughs, Long Island or lower Hudson Valley, according to Gov. Kathy Hochul.

The state first authorized Las Vegas-style casinos in 2014, but only in upstate areas. The opportunity to operate downstate around New York City has been met with enthusiasm from gambling companies.  

Supporters of the casino licenses will generate billions of dollars of investment and revitalize the area’s hotels and hospitality sector, which was hit hard by the pandemic.

“There is an appetite,” said state Sen. Joe Addabbo, a Queens Democrat who is pushing the state to speed up its bidding process.

“We look forward to exploring this exciting opportunity,” said Chairman Neil Bluhm of Rush Street, a gambling company also operates a casino in upstate Schenectady. “New York is an exceptional gaming market, and we believe the expansion of casino gaming will play a critical role in the state’s post-Covid resurgence.”

Las Vegas Sands has already met with Mets owner Steven Cohen and New York City Mayor Eric Adams about a possible casino next to Citi Field, reports WSJ.

Wynn Resorts, Bally’s and Hard Rock International also responded to a request for information issued last year by the New York State Gaming Commission.

The commission will control the bidding process for prospective casinos, taking input from elected New York City officials on applications in their districts. Licenses will start at $500 million, the highest ever charged by any state.

The $220 billion budget will also suspend the 16-cents per gallon gasoline tax for the rest of the year.