The New York Senate has passed a bill to expedite the issuance of three casino licenses

The New York State Senate has approved Bill SB 9673, aimed at expediting the issuance of casino licenses in the state during its June legislative session. The bill has been sent to Governor Kathy Hochul for approval.
Proposed by Senator Joseph Addabbo and Assemblyman Gary Pretlow, the legislation includes a provision requiring the New York Gaming Facility Location Board to provide recommendations for selecting casinos in the southern part of the state by December 31, 2025. Applications will be accepted until August 31, 2024, with a deadline for issuing licenses set for March 31, 2026.
New York authorities plan to issue a total of three licenses for new casinos. Currently, 11 operators are vying for these licenses, including Wynn Resorts, Las Vegas Sands, MGM Resorts, and Caesars Entertainment. Candidate projects must meet specific environmental standards, including compliance with the State Environmental Quality Review Act (SEQR).
The expansion of the state's land-based gambling market is aimed at fostering economic growth, creating new jobs, and generating tax revenue. The latter is particularly crucial as New York seeks additional sources of funding. One organization counting on these funds is the Metropolitan Transportation Authority (MTA).
Last week, Governor Kathy Hochul unexpectedly halted the implementation of a new congestion charge for drivers entering Manhattan, an area plagued by traffic jams. The charge, expected to take effect on June 30, was set at $15. The cancellation of this initiative has forced the MTA to look for alternative funding sources.
Gary Pretlow addressed this issue in a recent interview with the New York Post, stating, "We need to finalize the casino deals—MTA needs the money. The governor could start the bidding process right now."
Earlier, Joseph Addabbo indicated that the three new casinos in the southern part of the state are projected to generate between $2.5 billion and $3 billion in licensing fees alone. According to the senator, this revenue could significantly improve the MTA's financial situation.
Notably, the legalization of online casinos in New York could yield an estimated $18 billion in revenue.