NY Lawmakers Approve Accelerated Casino Timetable
- New York State lawmakers have approved a timetable to see three new Las Vegas-style casinos
- Budget includes financial protection to reduce or eliminate revenue-sharing from video lottery terminals
- Each successful bid for a casino license must pay the state a $500 million licensing fee
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Exterior view of the New York state Capitol where members of New York state's Electoral College will vote for President and Vice President in the Assembly Chamber in Albany, N.Y., Monday, Dec. 14, 2020. (AP Photo/Hans Pennink via AP,Pool)
New York State lawmakers have approved a timetable to see three new Las Vegas-style casinos in New York City or nearby communities.
The new budget was approved April 9 in Albany, and includes financial protection to reduce or eliminate revenue-sharing from video lottery terminals (VLTs), a major win for the horse racing industry. This ensures operations that rely on VLT’s aren’t threatened by the arrival of ‘fully equipped’ casinos. Annual adjustments will be made based on the consumer price index.
The budget also details that each successful bid for a casino license must pay the state a $500 million licensing fee.
More Wins for Horse Racing Industry
Video lottery terminal.
The deal includes:
- Protections to racing support payments that go to Thoroughbred and Standardbred tracks in New York,
- Breeding and development funds for both breeds,
- Makes sure payments continue for NYRA capital expenditures and operations.
Vice President of communications for NYRA, Patrick McKenna says, “Overall fan interest and engagement with New York racing has never been stronger, and the consistent support expressed by lawmakers in Albany will only further the sport’s role as an engine for economic opportunity that creates jobs in every corner of the state,”
Which Casinos Can New York Expect?
Casinos may be located in New York City, Long Island, and other suburban counties. Before a casino can be erected, a public hearing on the building proposals has to be held, and a local panel must approve a siting plan before the state body is able to consider approving it.
There would be a tax rate of 25% for slot machines, 10% for table games, and $750 each month, per slot machine, would be designated for funding to support gaming addiction and treatment programs.
