Bill passed in New York to speed up casino licensing

A bill has been passed in the New York senate and assembly that if signed by the Governor should speed up the lumbering casino licensing process in the state.

The bill, known as SB 9673 was sponsored by Senator Joseph Addabbo. It easily passed through the senate with a vote of 51-4 and has no trouble getting through the assembly with a vote of 51-9. It still needs the signature of Governor Kathy Hochul to be signed into law, but she has shown support for casino development in the past and with New York facing future budget shortfall her support for the bill is expected.

The bill will set a firm deadline of the end of 2024 for the licensing and location application process to be completed. For nearly two years casino operators have been competing for the three casino licenses that are set to be awarded in the New York City area. Prior to the bill being signed the process has no set end date leading some speculation that it could drag into 2025 before any deadlines were determined.

The new bill should dramatically reduce that expected timeline. Under the bill bid application will be closed at the end of August and the New York Gaming Facility Location Board will be required to make recommendations for casino locations by the end of December 2025. Finally, the deadline for issuing licenses was set for March 31, 2026.

The bill also outlined specific requirements that casino license applicants must meet, which include a minimum license fee of $500 million, and a capital expenditure of at least $500 million for casino construction.

To keep the process moving the New York State Gaming Commission has told license applicants to use the remainder of 2024 to ensure their casino proposals meet all regulatory requirements. The Commission hopes this reminder will reduce any delays or issues during the review process.