This week, Senator Joseph Adabo Jr. of New York gave his predictions and opinions on the process of issuing a commercial casino license for Down state in an interview. The senator urged Gov. Kathy Hochul, the administration, Congress, and the New York State Gaming Commission to have an open and transparent process when selecting the three winners.
Many lawmakers and communities in the Empire State advised the administration to accelerate the process for issuing the three commercial licenses. In doing so, the three new front-facing casino properties will not only be able to provide more funding for the economy, but also provide jobs to more local people during these difficult times.
Senator Adabbo, who is also chairman of the Senate Gaming, Racing, and Wegering Committee, went into more detail about what to expect from the winning candidates. That said, one of the most important aspects of this process should be the speed of the market's rollout, so states can quickly halt revenue from expansion, which could be between $1.5 billion and $2 billion this year.
However, he explains that despite the various reports, the three winners are not predetermined and that most operators in the industry know that. He also noted that discussions about the possibility of a casino in Manhattan were not a good idea, because he is not entirely sure that the location will be of top interest to the people of the state.
Game Association President Michael Cain told a Senate Gaming, Racing and Gambling Committee meeting this week that he was optimistic about the support of his state legislators for the Downstate casino. He also said he expected the Downstate expansion would not be a problem for Upstate properties, and they didn't mind it either.
Senator Adabo warned that "the state has no concerns whatsoever," but that "the state has to be cautious." He concluded that the state does not want to cannibalize something that has been an effective economic engine for the northern part of the country.
The senator also said a few things two weeks into the state's new mobile sports betting market. According to him, the first week of the regime, which took office on Jan. 8, 2022, was quite successful, but he noted that he did not yet know if the market would be sustainable. The new proposal made $3.7 million in one day.
Resorts World New York City is one of the best-known casinos for being a leader in one of three Downstate Casino licenses. Although currently operating in Genting Malaysia is not a full-fledged casino, it is very likely to obtain such a commercial license, according to a report by Maybank IB Research. If expanded, it could bring in more than $145 million in annual net income to Genting Malaysia.
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