Four Vegas-style casino licenses up for grabs in N.Y.

June 24, 2013 7:59 PM
by

N.Y. Gov. Andrew Cuomo Coming out of a closet setting, where a casino deal was hashed out, New York legislators agreed with Gov. Andrew Cuomo to establish a procedure whereby four Las Vegas-style casino licenses will be put up for grabs.

That is, of course, provided the voters of New York approve the constitutional change permitting commercial casino gambling when they go to the polls in November.

And the licenses won’t come cheap. Cuomo has already warned that the licenses will go to the highest bidders.

The agreement calls for four casinos to be located in upstate New York. Seven years later, three licenses will be considered for other locations that have yet to be determined. Also, two slot facilities will be licensed at that time, one in Suffolk County and another in Nassau County.

Cuomo, who has been the prime mover behind the expanded gambling idea, said in a statement that the new agreement would better situate the state against competition from neighboring states who “take revenue that should be going to our schools.”

The commercial gaming properties will place the state in a position to challenge neighbors who have already expanded gambling as a means of raising tax revenues. New York has gaming compacts with tribal nations that operate five casinos. They will not be challenged based on agreements recently negotiated by Cuomo with the Seneca, Oneida and St. Regis Mohawk Nations.

Also, the state permits slot machines to be operated at nine racetracks.

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at RayPoirier@GamingToday.com.

Like GamingToday on Facebook GamingToday on Facebook      and        Follow GamingToday on Twitter GamingToday on Twitter