A new budget deal was reached by New York Governor Kathy Hochul and legislative leaders last week. If the budget is voted on by the full legislature, it could mean that the New York City area will see the construction of three new casinos.
Voters already approved allowing seven new casinos in the state in 2013. While four of them have already been built in the upstate areas, there is still room for three more.
Despite the fact that casino operators in New York pay the highest tax rates in the country, many have expressed an interest in obtaining a license from state authorities to obtain a license to run one of the three NYC area casinos. Under the budget deal, an initial licensing fee will cost at least $500 million.
Bloomberg reports that some of the biggest names in the nation, including Las Vegas Corps., Wynn Resorts and Hard Rock International, have been scouting the state to find the perfect location.
State Senator Joe Addabbo, who heads the committee on racing, gaming and wagering said, however, that two operators have an advantage over their rivals in the bidding war. Both MGM Resorts International and Genting Group already run slot machines at the racetracks and could simply expand on existing facilities.
“It’s the most popular hypothetical,” Addabbo says. “People don’t want a lot of new gaming sites.”
