The permitting process for three new gambling establishments in New York City may take much longer than originally thought. Previously, industry insiders and experts speculated that bidding for licenses could occur as early as January. As a result, the month is coming to an end and a number of processes are still pending.
A recent Newsday report citing the opinions of industry insiders suggests that license issuance in Downstate could occur in the first quarter of 2025. If not, it means the process will take much longer than previously thought.
The Gaming Venue Location Board is now expected to publish answers to questions posed by interested participants. The first round of such inquiries took place back in August and the second round in October. Once the results are published, operators will be given a 30-day window to register for the tender.
Beyond thisIn addition, license applicants must also address issues related to the identification of sites for casino construction. Late last year, New York City Mayor Eric Adams unveiled a new proposal to ease the process. Last month, an ambitious plan aimed at speeding up the opening of new gambling establishments ran into opposition from community boards.
Industry insiders believe: the licensing delay was not a surprise. The reason is that fees from the three new casinos were not included in the city’s budget on legalizing iGaming, the $233 billion budget did not include items related to this activity.
Meanwhile, PCSO and PAGCOR are considering a tax cut on casino and lottery winnings.