New York State Senator Joseph Addabbo Jr. has introduced a bill that would expedite the licensing process for new casinos in downstate New York. The bill aims to spur economic development in the region and generate additional revenue for the state.
Under current regulations, any new casinos in downstate New York must go through a lengthy licensing process that can take several years to complete. This has been a major obstacle for casino operators looking to establish a presence in the lucrative downstate market.
Senator Addabbo’s bill, Senate Bill S7582, would streamline the licensing process and allow for expedited approval of new casino licenses in downstate New York. The bill would create a new licensing category specifically for downstate casinos, making it easier for operators to navigate the regulatory process.
In a statement, Senator Addabbo emphasized the potential economic benefits of expanding casino gaming in downstate New York. “By expediting the licensing process for new casinos in downstate New York, we can create jobs, boost local economies, and generate additional revenue for the state,” he said.
The bill has received support from the gaming industry, with several casino operators expressing interest in establishing new facilities in downstate New York. One such operator, MGM Resorts International, has already announced plans to build a new casino in Yonkers if the bill is passed.
In addition to spurring economic development, the bill could also help alleviate budget shortfalls in the state. New York is facing a significant revenue shortfall due to the economic impacts of the COVID-19 pandemic, and expanding casino gaming in downstate New York could help bridge the gap.
The bill is currently being considered by the New York State Legislature, and supporters are hopeful that it will be passed in the coming months. If approved, the expedited licensing process for downstate casinos could be in place as soon as next year.
Overall, Senator Addabbo’s bill has the potential to revitalize the gaming industry in downstate New York and provide much-needed economic stimulus to the region. With strong support from both lawmakers and industry stakeholders, the bill stands a good chance of becoming law and paving the way for a new era of casino gaming in the Empire State.
