Last week, gamblers who weigh the entire casinos license in upstate New York found that they might end up paying far more than initially expected to obtain such a license. Last week, the New York State Senate's one-home budget was announced, and it suggested that the licensing fees for businesses looking to operate in the area would cost US$1 billion.
The Empire State government has decided to accelerate the process of issuing downstate casino licenses as a way to generate more revenue for state budgets. Previously, the moratorium on downstate commercial casinos was postponed until 2017 to give downstate commercial casinos a chance to adapt to the market.
In a Senate budget proposal unveiled last Sunday, the New York State Gaming Commission said it would determine the license fee the licensee would pay within 30 days of granting such a license. The funds will be deposited in the Commercial Gaming Revenue Fund, but the cost of the license should not be more than US$1 billion per license.
It should be noted, however, that there is no price for the desired licensing in the council's current one-home plan. In this regard, Governor Kathy Hochul has offered to allow the state to get a permit within this year instead of waiting until next year. All of this will be negotiated in the budget for the new fiscal year beginning April 1, 2022.
Under the Senate proposal, both amenities follow formal commercial casino licenses, creating one more change that may prove useful for Resort World New York City in Queens and Empire City casinos in Yonkers. The change encourages state regulators to consider private capital investments made before the effective date of the license.
Therefore, upgrading two gaming facilities to two racetracks can be considered part of the minimum investment required by the state to obtain a license. This means that if the Senate proposal is approved, gaming facilities with video lottery terminals in Queens and Yonkers could have significant advantages over other operators seeking to obtain such licenses in upstate New York.
Recently, the gambling industry in New York State, or more precisely, mobile sports betting, has been a huge success. As of the end of February, the Game Board reported that the handling of eight mobile sportsbooks that were broadcast live at the time amounted to $1.491 billion. For the week ended February 27, 2022, the handling of mobile sports betting reached $350.3 million.
Recently, New York Senator Joseph P. Adabo Jr. shared that he is looking forward to further improving the gambling industry in the state. He introduced legislation to legalize the provision of iGaming in the state. Bill S8412 would allow licensed casinos and game operators to offer certain iGaming products online on their platforms, such as online slots and table games, for local gamblers to enjoy.
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