News filtering has it that Manhattan politicos have stopped a plan to erect a new casino in the city. Gov. Cuomo had initially planned to fast-track a Las Vegas kind of casino in the city.
This planned NYC casino project received stiff opposition from Manhattan legislators. Meanwhile, before now, some big wigs in the casino industry have been gearing up to compete for an NYC area casino license. On the list are Wynn Resorts, Las Vegas Sands, and Bally Cop.
Although this project may be revisited, how soon?
NYC Casino Project Rejection by Manhattan Legislators: Why
Apart from some state lawmakers rejecting the proposed NYC casino project, there were other reasons the deal was stalled. One of the lawmakers, Richard Gottfried, told newsmen that he was opposed to citing a casino in Manhattan because it would affect the residential and commercial quality of the city. Gottfried is a Manhattan assemblyman.
Also, Gov. Andrew Cuomo was concerned about the implication of the proposal that will allow Manhattan officials the power to reject a casino proposal for the borough. Gov. Cuomo worried that this could lead to other cities requesting such proposals. Doing so would give cities in the state more powers over the affairs of casinos within their area.
Meanwhile, state Sen. Joe Addabbo seems to be in support of the proposed NYC Casino project. Joe believes that the NYC casino project would create a job boost for Manhattan. Although Joe agrees that Manhattan already has an economic boost, within the five boroughs in Manhattan, a new casino project is needed, and the same would be lucrative. Joe is the current chairman of the state Senate Committee on Racing, Gaming, and Wagering.
Gains of the Proposed NYC Casino Project in Manhattan
Although it seems like a casino license for Manhattan is not expected soon with the turn of events, a study has shown that citing one would generate more tax revenues. Spectrum Gaming Group recently carried out a study on the tax gains of issuing another casino license in Manhattan. The report showed that more gaming tax revenue would be generated. The Spectrum Gaming Group report suggested the following:
The reports suggest an upgrade in the Manhattan Aqueduct Race Track and Yonkers Raceway added to the proposed new casino would rapidly increase state gaming tax revenue.
If the state proceeds with the upgrades and the proposed casino project, it will generate $1.3 billion in gaming tax revenue.
According to the Spectrum Gaming Group report, more jobs will be created.
The NYC Casino Industry Post Lockdown
Before NYC went into lockdown in March 2020, the city was a beehive of activities. Aside from that, casinos in NYC were largely populated with tourists and locals. But all that disappeared as soon as the pandemic broke out.
Although NYC is said to open up to all activities fully in May, the lockdown effect largely affects casinos. Some NYC casinos have not fully recovered from the losses.
The initial curfew for casinos ended on the 5th of April, 2021. But bars and eateries will remain closed. Considering that bars, eateries, and casinos complement each other, their closure may still affect the revenue of NYC casinos. Before Gov. Cuomo had announced that casinos would start running fully in mid-May, but currently, there is no update on that. Instead, casinos and other gaming facilities can now run at 50 percent capacity.
Will the NYC Casino Project Ever See the Light of Day?
Yes, it does seem so, according to the feedback gotten from several reports. According to sources, fast-tracking the NYC casino project aimed to fix the state’s pandemic woes. With the NYC project operational, new jobs will be created, and about $1.5 billion would be generated by the state.
The initial date set out to issue casino licenses was until 2023, after four upstate casinos real money were licensed. The moratorium was placed to allow the four upstate casinos to gain some ground before granting new licenses. Some sources believe that the bill for NYC casino projects may be reviewed by January next year.
The Future of NYC Gambling Industry
With the impact of the pandemic on land-based casinos in NYC, it is time the state considers online casino gambling. Other states like Pennsylvania are on their way to legalizing online casino gambling. NYC will no doubt enjoy a lot of tax gaming reviews if online casinos are legalized.
Don’t forget, the pandemic barely affected the operations of the online gambling platform. Aside from that, most gamblers may not be so comfortable visiting the casinos soon despite the spread of the virus reducing.