Casino License Bidding Process in New York Unlikely to Speed Up
The bidding process for three casino licenses in Downstate New York is ongoing, with operators still able to apply. But despite efforts by Sen. Joseph Addabbo and Assemblyman Gary Pretlow, an August 31 deadline suggested in their legislation proposal is unlikely to come into effect.
The bill called for applications to be submitted by the end of August 2024, but Gov. Kathy Hochul hasn’t yet approved it, so the proposal is running out of time. A government law professor and former member of the New York State Racing and Wagering Commission Bennet Liebman believes that a time frame is too short for casino developers to prepare proposals for multi-billion-dollar projects. Meanwhile, if Addabbo’s bill is defeated, the previous terms set by the state’s Gaming Facility Location Board will remain in place and bidders will be able to apply until June 2025.
CEO of the Soloviev Group Michael Hershman thinks that the bill’s lack of movement indicates a clear preference for the 2025 timeline. Soloviev Group is among the companies that are planning to bid, and Hershman believes that the Gaming Facility Location Board’s schedule is more feasible for both applicants and regulators.
However, Addabbo and Pretlow’s efforts were not in vain as their legislation proposal forced the Gaming Facility Location Board to be more proactive in setting a schedule for bidders. Before the bill was presented, the Board had doubts about the timeline, citing unresolved zoning issues in New York City.
In case there are no changes in time frames, casino operators will be able to hand in their plans until June 2025 with the final choices to come by December 2025. But that also means new gambling facilities will not break ground until 2026, and the state will collect big fees, ranging from $500 million to $1 billion per casino, with a significant delay.
In other news, Seneca Niagara Resort & Casino is among 20 finalists for Best Casino Outside of Las Vegas.
