In a move that could potentially bring in billions of dollars in revenue for the state of New York, lawmakers are pushing to speed up the timetable for granting casino licenses in New York City. Currently, there are no full-scale casinos in the city, despite the fact that it is one of the largest and most lucrative gaming markets in the world.
“We are leaving $2 billion on the table by not moving forward with casino licenses in New York City,” said State Senator Joseph Addabbo, who has been a vocal advocate for expanding the state’s gaming industry. “It is time for us to take advantage of this opportunity and bring in much-needed revenue for our state.”
The push to speed up the licensing process comes as New York reels from the economic impacts of the COVID-19 pandemic. With tourism and entertainment industries severely impacted, lawmakers are looking for ways to boost the state’s economy and create jobs. The gaming industry has long been seen as a potential source of revenue, and lawmakers believe that now is the perfect time to capitalize on the demand for entertainment and recreation in the city.
“The COVID-19 pandemic has shown us just how important it is to diversify our revenue streams,” said Assemblyman Gary Pretlow, who chairs the Committee on Racing and Wagering. “Expanding the gaming industry in New York City will not only bring in much-needed revenue, but it will also create thousands of jobs and support small businesses in the area.”
The push to speed up the licensing process has garnered support from various stakeholders, including gaming companies, labor unions, and community organizations. Proponents argue that bringing full-scale casinos to New York City will not only generate revenue for the state, but it will also provide a much-needed economic boost to local businesses and communities.
However, not everyone is on board with the proposal. Some critics have raised concerns about the potential social impacts of expanding the gaming industry in New York City, citing issues such as gambling addiction and crime. Others argue that the licensing process should be conducted carefully and thoroughly to ensure that only reputable operators are granted licenses.
Despite the pushback, lawmakers are determined to move forward with the proposal. They plan to introduce legislation that would expedite the licensing process and set a timeline for when the first casinos could open in New York City. If successful, the move could bring in billions of dollars in revenue for the state and create a new source of entertainment and recreation for residents and tourists alike.
