One of the things gambling companies wish for is a New York City casino. That could become a reality soon as the state opens the city’s gambling market. Thus, it received various proposals as companies competed for NYC casino licenses.
Why casino operators want to get one of the licenses is easy to understand. According to bookie pay per head reports, New York City has a population of 23 million. Also, it attracts millions of visitors yearly. Therefore, it is a prized location for gambling firms in the US.
In the past, state law and locals opposed downstate casinos. However, the pandemic brought political and economic changes that made casinos more desirable to state leadership. On the other hand, locals remained apprehensive about having casinos in their neighborhoods.
Race for New York City Casino Licenses
In the past, many states used gambling to stimulate the economy and improve public revenues. They push legal gambling to turn the black market into tax revenue sources. Also, they want to keep residents from crossing borders to gamble. Based on 2023 sports betting industry predictions, more states will legalize sports wagering and general gambling.
In 2013, New York voters approved a constitutional amendment to allow casinos in the state. During that time, Native Americans were already running NY casinos. However, lawmakers from both parties said the new casinos could bring in more jobs, generate additional tax revenue, and attract tourists.
According to online gambling experts, the state planned to construct casinos in areas that needed revitalization. Also, New York City was not part of the plan. As a result, casinos opened in Catskills, outside Albany, and other places in upstate New York. On the downside, they failed to meet economic estimates.
The current New York gambling plan will allow up to three downstate casinos. However, there will be a delay in opening the casinos.