Getting a head start
Both of the locations mentioned are widely expected, although not confirmed, to receive two of the three full-fledged licenses later this year.
Until that decision is made, Spano wants officials to launch a dumbed-down form of gambling.
“We have two racinos whose owners are ready to pay the State a billion dollars in application fees today, and to start generating hundreds of millions of dollars in new taxes tomorrow, “ Spano said in a statement shared with The Yonkers Times. “We all know that the cutbacks from Washington are going to cause holes in the State and local budgets by the end of the year, so let’s be proactive.”
Spano’s thoughts were revealed on Tuesday, one day after it was announced that Wynn was dropping its bid for a casino license at Hudson Yards in Manhattan due to “persistent opposition.”
While the Mayor may be correct that even slot-only gaming would generate significant revenue for operators, leading to tax contributions for the state, the drawn-out license application process suggests that regulators are on a different timeline.
Competition heats up
Official license applications are due to Gov. Hochul’s office next month, and licenses are expected to be awarded in December.
Many believe that the MGM in Yonkers and Resorts World in Queens will receive two of the licenses because they are the highest-grossing regional casinos in the U.S.
MGM claimed it generated billions for the state since its Westchester County property launched in 2006. Genting also promised to set aside $5 billion for the Resorts World New York property if it received one of the available licenses, in addition to pledging $1 billion to the state.
Genting also said it would team up with a real-estate development company to build 50,000 affordable housing units spread across the five boroughs.
With those two locations seemingly fit for licenses, competition is fierce for the third spot. New York Mets owner Steve Cohen recently received zoning approval and is in good standing in the application process, while billionaire rapper and businessman Jay-Z met with Senate Majority Leader Andrea Stewart Cousins (D-Yonkers) and Assembly Speaker Carl Heastie (D-Bronx) in the state Capitol on Monday to discuss a Broadway casino.
Several other high-profile projects are also in contention for a license.
