State regulators recently announced that there will be no decision on New York City casino licenses till late 2025.
The drag means the earliest a gambling venue could start in the city will be in 2026. Donovan Richards, the President of Queens Borough, commented on the situation. Borough said it is absurd to wait 3 years to start the procedure.
Referring to the roadmap shared by the State Gaming Commission, Borough added that New York City could use jobs post-pandemic. The casinos are trying to rebuild the economy, and people are looking for upward mobility. Hopefully, the regulators will change their mind, concluded Borough.
Talk surrounding awarding three casino licenses in NYC has been going on for three years. The constant delay has confused and frustrated gaming industry insiders.
The latest delay has once again put more hurdles in front of some of the best online casinos in the US. Both gaming operators and players are shaking their heads and wondering what is taking so long, said a gaming enthusiast.
It is worth noting that the state cannabis regulators have already permitted 89 licenses for pot dispensaries during the period.
On the other hand, Robert Williams, the Executive Director of the Gaming Commission, believes the roadmap is ahead of schedule. Williams said Governor Kathy Hochul and the state legislature hadn’t anticipated enough casino revenue to bankroll the MTA until 2026.
For now. a winning bidder must pay a $500 million license fee to operate a casino legally. Williams added that the City Council has not approved any zoning amendment to help casinos find a location in the region.
Bidders must also undertake state environmental scrutiny under the State Environmental Quality Review Act. Such reviews will not be wrapped up until 2025, added Williams.
