Three downstate licenses included in New York’s annual budget
Licenses to go for as high as $1bn.
The fortunes of the gaming industry are due to rise even higher in New York after it was announced that funding for three downstate casinos has been included in the state’s annual budget.
The progress of the casinos – which could potentially see land-based gaming come to the heart of the nation’s largest city – has been inching its way along for the last several months. The state is currently vetting a number of applications from operators seeking to be awarded one of the coveted licenses.
Analysts predict that an individual license could go for as high as $1bn.
State Senator Joe Addabbo, long one of Albany’s leading advocates for the gaming industry, welcomed the contribution such a casino would make to the state budget and the beneficial effect it would have on the economy.
He commented: “By allowing three casinos in the downstate region to operate with full licenses, it will create thousands of jobs when considering construction and credible post-construction union jobs.
“It also means additional revenue for the state, estimated at an initial $1.5bn from the three license fees, and will allow us to significantly fund important educational and gaming addiction programs.”
Resorts World New York City, which already operates a location in Queens, has applied for one of the licenses. It emphasizes the economic development that could come as a result of the new casino.
Said Robert DeSalvio, President of Genting Americas East, the owner of Resorts World: “We are ready, willing and able to immediately double our workforce by adding more than 1,000 new union jobs and help the true potential of resort-style gaming, entertainment and hospitality be realized right here in the heart of Queens.”
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