Play Your Way To Casino Riches At Linebet. – Whether New Yorkers are ready or not, casinos are coming to the New York area.
How much and how much remains to be determined. What we do know now is that in April, the state of New York will approve three new casino licenses for the area.
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Technically, one or more licenses can be issued to a casino operator in another part of the state, but most go to the lower state.
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The state legalized casinos in 2013, but specifically agreed not to put them down until 2023. Governor Kathy Hochul and the state legislature wanted to move faster and integrate in part in the budget passed to promote the schedule.
Some of the work came at the request of others, the Hotel and Gaming Trade Council, and seven gaming companies that spend $300,000 a month.
But before a new brick can be laid or a chip can be played, there is a long and difficult process ahead, involving many telecommunications agencies, including the New York State Gaming Commission, the Bar Board betting and many tips have been decided. community boards.
Empire City in Yonkers doesn’t have traditional table games like blackjack or roulette, and its slot machines are video reels. Credit… Richard Perry/The New York Times
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MGM’s electronic casino in Yonkers, upstate New York, is believed to be one of two sites in the pipeline, along with Resorts World at Aqueduct Raceway in Queens. A couple are already home to “racinos” — horse racing leagues that have expanded to include casino-like amenities, but with video slots instead of table games.
Based on their social and political connections and historical structures, they are considered ideal for two of the three licenses.
It is strongly believed that the third is in Manhattan. While the prospect of a casino in Manhattan has drawn developers from Hudson Yards to the East River, getting approval from local politicians remains difficult.
Resorts World Casino in Aqueduct, Queens bills itself as the most expensive casino in the world. Credit… Chang V. Lee/The New York Times
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MGM and Genting, which operate two so-called racinos in the area, hope to upgrade their facilities in Yonkers and Queens to full-size casinos.
Competition for a third-party license is considered a free-for-all. Matching real estate developers and casino operators who want to apply is something of a speed dating experience — with casino operators only connecting with certain developers.
Among those considering taking part are developers such as SL Green, Inc., Vornado Realty Trust in Manhattan and Citi Field owner Steven Cohen in Queens. Joseph J. Sitt, chairman of Thor Equities, is preparing a bid for the Coney Island location.
The field of casino operators eyeing the opportunity includes Balli’s Corporation, Las Vegas Sands and Hard Rock, which opened a hotel in Midtown.
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Gov. Kathy Hochul successfully pushed the state Legislature to expedite the licensing of three lower-level casinos. Credit… John Minchillo/Associated Press
If bureaucracy is a Russian nesting doll, the largest and most distant doll is the New York State Gaming Commission.
The commission will have control over who will get the three new licenses and where the new casinos will be located, but others will also have a say.
The first step is for the commission to fill a five-member board for the location of gambling sites; His responsibilities include creating and managing the application process for casino developers and recommending stores. State law requires three members to stand before Oct. 6; In effect, the commission will have 90 days to process casino license applications.
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The site committee will review the applications and make a final recommendation to the Gaming Commission. The way the commission is structured gives Governor Hochul some authority: all seven members are directly appointed by the governor, one on the recommendation of the New York State Legislature and the other on on the recommendation of the New York State Senate.
But the Gambling Commission can’t cancel a site board unless it finds a problem with the ability and character of the applicant, the commission said.
And before the elections, the six-member community advisory board will also have an opportunity to speak. In New York, two of those members are appointed by the governor and mayor; the other four represent the City Council, the Assembly, the Senate and the City President. Those committees will consider the application as appropriate, and a two-thirds majority is required for adoption.
The approval of the community advisory board is a condition precedent to the license, which gives the committee the power to reject the application before the gambling commission considers it.
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There is no doubt that there are many casinos in the United States, as well as many other gambling options, and this has reduced the economic prospects of many new casinos.
It’s rich, dense, and a casino here could be successful—even at the expense of nearby casinos like Atlantic City.
“You have a large local population that drives large gaming profits in a wide geographic area for decades, but it’s a big place in the world,” said Colin Mansfield, an analyst. at Fitch Ratings.
For more evidence, look no further than Resorts World at Aqueduct, which, while not having table games like blackjack or roulette, claims to be “the world’s largest casino” and “the single largest property tax payer especially in New York State.”
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To put a casino anywhere in New York, a developer can force the New York City Council to change the land in question, according to the New York State Gaming Commission.
Currently, New York state laws do not allow casinos. But that may not be a complete ban: The commission has yet to decide whether there is land on Aqueduct, Queens or land near Penn Station (which the state plans to redevelop using meaning it violates local land use laws) .
Where changes are required, builders can expect the process to take up to a month. If they can get the license approved and get the green light from the community advisory board and gaming commission, then they will pay $500 million in licensing fees to the government.
Dana Rubinstein is a Metro reporter covering New York City politics. Before joining The Times in 2020, he spent nine years at a publication called Politico New York. @danarubinstein
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