Time is Running Out on Bills to Allow Proposals on Three NYC Casinos

In May, Sen. Joseph Addabbo and Assemblyman Gary Pretlow proposed bills allowing gaming companies to submit bids on three vacant New York City casino bills at the end of July. It was since extended to the end of August, but with August 31 quickly approaching, the outlook isn’t looking so good. 

No Word From Governor Kathy Hochul

With these bills up in the air, what Governor Kathy Hochul thinks of it remains to be seen or heard. The governor hasn’t publicly endorsed the bills, nor has she said she wouldn’t sign them. That said, with the deadline on this bill being August 31 and no movement as of August 13, the clock is ticking. 

There will be little time for proposals to be submitted on what could be some of the most expensive projects in casino gaming history. 

Not Looking Good For Speeding Up the Bids

Pretlow, one of the lawmakers who submitted the bill, acknowledged that it’s unlikely Hochul will do anything regarding these bills before the end of the month. 

Soloviev Group CEO Michael Hershman called expediting the licensing bill a “moot point.” The Soloviev Group is partnered with Mohegan and would be interested in a license. 

It’s clear that those looking to bid and compete for a license would like an early bidding window. Right now, the timeline looks like casinos wouldn’t break ground until 2026, and then it would take more time for them to be up and running. 

Speeding Up Licenses in NYC Only Makes Sense

With this process not being sped up, the state of New York is delaying the time in which they’ll receive millions of dollars in application fees and perhaps upward of a $1 billion per winning bidder. 

Additionally, MGM Resorts International’s Empire City Casino in Yonkers and Genting’s Resorts World New York in Queens are seeking a license. They’re slot-only right now and would make upgrades if awarded a traditional license. These two could establish a firm lead over the third recipient. 

It remains to be seen what'll happen with these bills and licenses.