Dreaming of new casinos in NYC? You might have to wait a little longer than expected! A prominent New York Senator suggests that the highly anticipated downstate casino licenses could be delayed until 2026, citing legislative challenges and state revenue concerns. What does this mean for the Big Apple’s economy?
New York State Senator Joseph Addabbo has issued a significant warning regarding the highly anticipated downstate casino licenses for New York City, indicating a likely delay in their awarding until at least 2026, pushing past initial year-end expectations.
This revised timeline means that the lucrative licenses, crucial for establishing the first dedicated casino venues within the five boroughs, may not be finalized until the start of next year. The initial target for announcing the winning bids was December, a deadline that now appears increasingly unlikely to be met.
Senator Addabbo attributed this potential setback primarily to legislative requirements. He noted that the New York State Legislature is not scheduled to reconvene for another five months, which inevitably impacts the progression and enactment of critical bills related to gaming and economic development.
The award of these highly coveted casino licenses represents a major policy development for the Big Apple. It promises to reshape the entertainment landscape and generate substantial revenue, making it a prominent story closely watched by residents, investors, and the broader gaming industry.
Despite some apprehension among his legislative colleagues regarding potential negative societal impacts, Senator Addabbo highlighted the pragmatic need for the licenses. He emphasized that New Yorkers are already engaging in extensive wagering activities in neighboring states like New Jersey and Connecticut, underscoring a pre-existing demand that New York could capture.
Furthermore, the Democrat politician for the region stressed the urgent need to raise state revenues to address current budget shortfalls. He pointed out that New York is currently losing approximately $1 billion annually by not having these in-state gaming options, a figure that underscores the economic imperative behind the proposed expansion.
The legislative process dictates that the New York state legislature is due to reconvene in January. Consequently, key legislation such as Senate Bill 2025/2616 is not expected to be enacted until the new budget process unfolds, which typically occurs after the turn of the year, further solidifying the projected delay.
Senator Addabbo reiterated his rationale for change, stating, “Even though we are doing $2.6 million in revenue, we’re never done. New Jersey does prop bets, we don’t. But New Yorkers are savvy, and they will go back to going out of state for these types of wagers.” This perspective highlights the competitive landscape of the gaming industry and the importance of adapting to market demands for the state’s financial health.
