Bill to Fast-Track New York Casino Licenses Vetoed by Governor Hochul
The proposal to speed up the process for awarding three new downstate casino licenses in New York has been vetoed by Governor Kathy Hochul, meaning that the original timeline will remain in place.
New York City with Lady Liberty. Governor Hochul rejects bill to accelerate casino licensing.
LISTEN TO THIS ARTICLE:Governor Hochul Defends Original Timeline
The bill vetoed by the governor was designed to allow casino bidders to submit proposals while still securing zoning and other necessary approvals. The Governor is said to be concerned that changing the timeline mid-process could give an unfair advantage to some applicants.
In her veto announcement, Hochul spoke of the importance of the original timeline, which requires applicants to work with local governments to ensure their projects comply with zoning laws and other municipal regulations. She noted that several potential applicants have put in a great deal of work to ensure that their projects are compliant and stressed the importance of the work being done with local authorities.
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Casino Licenses Expected by Late 2025
The current process gives applicants until June 27, 2025, to submit their bids. Once the proposals have been reviewed by the state’s Community Advisory Committees, the licenses are expected to be awarded by the end of 2025.
Initial projections have estimated that each license could bring in $500 million, but Senator Joe Addabbo has suggested the figure could rise to $750 million per license, generating up to $2.25 billion from the three downstate casino licenses.
The licensing process is extremely competitive, with several major players in the gaming and hospitality industry, including Wynn Resorts, Las Vegas Sands, and Mets owner Steve Cohen, among those hoping for a place in New York’s casino industry.
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