NEW YORK | Casino Development| FT| FLOORS - Page 25

NYguy · #**481** Posted **Jun 11, 2024, 2:49 PM**

Another joke…we’ll see if we get movement.

https://sbcamericas.com/2024/06/11/n...icensing-bill/

New York lawmakers pass bill to speed up downstate casino process

By Tom Nightingale
June 11, 2024

Quote:

Legislation designed to set a hard deadline for the casino licensing process in New York has been passed by both the Senate and the Assembly and will be sent to Gov. Kathy Hochul for approval.

State senators approved SB 9673 on June 7 by a 51-4 vote and the Assembly green-lit it 51-9. The bill, sponsored by Sen. Joe Addabbo, would establish a deadline for selecting the three casino sites in downstate New York. The New York legislature had been set to adjourn on June 6 but stayed past that cut-off to vote on the bill.

An amendment added by Addabbo before it passed dictates that the New York Gaming Facility Location Board must make recommendations on selecting downstate casinos by Dec. 31, 2025. The final possible deadline for licenses to be issued would be March 31, 2026. Addabbo’s first proposal, introduced on May 17 with just two weeks left of the legislative session, had been a deadline of a full year earlier.

Things could theoretically progress significantly faster than the March 2026 deadline, as SB9673 allows interested developers to apply for casino licenses while still in the process of resolving land use issues. Under the amended bill, applications are due Aug. 31 of this year.

NYguy · #**482** Posted **Jun 19, 2024, 2:01 AM**

https://www.cityandstateny.com/polic...ensing/397463/

How New York stands to win big on downstate casino licensing

By PHENIX KIM
JUNE 18, 2024

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Experts at City & State’s inaugural “Who’s who in casinos and sports betting” event suggested New York on its revenue streams last year alone could exceed gambling heavy cities like Las Vegas. They noted to attendees at Hebrew Union College in Manhattan that the state brought in more than $4.7 billion in gaming revenue in 2023, including $700 million from video lotteries, $850 million from sports wagering and over $150 million in commercial casinos.

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However, even though gaming is thriving in New York, there remain significant delays to downstate casino licensing, a process which has been waiting approval since 2022, said state Sen. Joseph P. Addabbo Jr., chair of the Committee on Racing, Gaming and Wagering. “We should not be at this point, two years after the legislative process and the legislative vote,” Addabbo said.

“[The] legislation should be signed, because we are done, or should be done talking about possibilities,” he continued. “We should know where these sites are, we should know what the issues are, we should be able to start to satisfy these issues. But we cannot, because this process hasn’t started. And that's a major reason why we need to start this process. We need to know where these sites are, we need to know what exactly the issues are, we cannot until we get this process started.”

Quote:

With the state Senate and Assembly last week approving a bill that would move up the deadline for downstate licensing to August 31 from mid-2025, licenses could be issued sooner and generate funding to help the Metropolitan Transportation Authority replace congestion pricing, Addabbo said. However, once applications are made, bidders should select realistic sites that comply with New York’s zoning and land-use laws, Assembly Member J. Gary Pretlow, Chair of the Committee on Racing and Wagering, told attendees.

“It’s not really our responsibility to ensure that a potential bidder has land that's suitable to build a casino. These land use laws have been in the books probably since the early 1900s,” Pretlow said. “Anyone who is interested in building a casino should be well aware [of these laws] and not pick a spot, knowing that it's going to be next to impossible to get zoning, and then try to have us change the law to allow their location to become eligible for a casino.”

Double L · #**483** Posted **Jun 21, 2024, 6:12 PM**

Las Vegas is not in the top 65 cities in the US with the highest murder rates. The cities in the US with the highest murder rates tend to be the ones that are the most economically disadvantaged. So, if casinos can improve an areas economy, it can be very beneficial to the city and likely do more to prevent crime than cause it as a result of the economic benefits casinos provide to the community.

NYguy · #**484** Posted **Jun 21, 2024, 10:14 PM**

^ I don't understand how people can look at the jobs and development offered by casino proposals, and instantly resort to fearing crime. If anything, it's the lack of employment and underdevelopment in needed areas that would lead to an increase. But with NIMBYs, you can't expect any of it to make sense. They're against anything simply because.

mrnyc · #**485** Posted **Jun 21, 2024, 10:45 PM**

i wouldn’t make too much of that. casinos are an amenity. its always nice to have the options of course, but we dont need the casino jobs. there are already plenty of jobs and not enough workers. the city is struggling to fill jobs both in city gov and privately. and yet despite this the city is at an all time high for total number of jobs.

NYguy · #**486** Posted **Jun 22, 2024, 1:17 AM**

Quote:

Originally Posted by mrnyc

i wouldn’t make too much of that. casinos are an amenity. its always nice to have the options of course, but we dont need the casino jobs. there are already plenty of jobs and not enough workers. the city is struggling to fill jobs both in city gov and privately. and yet despite this the city is at an all time high for total number of jobs.

I honestly couldn't tell if you were making a joke or not. We will ALWAYS need more jobs. You can never have too many jobs, as New York City has witnessed over and over again. Simply relying on government jobs, for one thing is foolish. Each administration decides what amount they need. We won't even talk about the billions that the casinos bring to the city and state, for things like education, (and also much needed funding for transit). You could argue that there are vacancies in any industry, but that's not how it works. You go and tell the people that fight for their jobs in the casino industry that their jobs are just an amenity. It's foolish.

NYguy · #**487** Posted **Jun 25, 2024, 3:12 AM**

Revised licensing schedule...

ChiND · #**488** Posted **Jun 25, 2024, 4:04 AM**

It will be the crime of the century if Wynn and Related do not prevail.

DCReid · #**489** Posted **Jun 25, 2024, 2:51 PM**

Quote:

Originally Posted by ChiND

It will be the crime of the century if Wynn and Related do not prevail.

Architecturally, yes. But something fabulous will be built in HY Phase II regardless, as phase I is an enormous success, especially for offices. As much as I hate the Times Square proposal, it may make the most sense location-wise if they want to get the tourists. Or Coney Island for the locals.

Gantz · #**490** Posted **Jun 25, 2024, 8:39 PM**

Quote:

Originally Posted by DCReid

Architecturally, yes. But something fabulous will be built in HY Phase II regardless, as phase I is an enormous success, especially for offices. As much as I hate the Times Square proposal, it may make the most sense location-wise if they want to get the tourists. Or Coney Island for the locals.

I think both Coney Island and Hudson Yards are good locations for a casino.
Times Sq just doesn't have the floor area for a good casino. Its going to be dingy there.