Delay in issuing casino licenses in New York expected to stretch until 2026, according to a senator's warnings.
Governor Kathy Hochul's approval of casino expansion in New York City on August 21, 2023, marks a significant step forward for the city's gaming industry. However, the licensing process, which could potentially begin in early 2024, may be impacted by the delay in awarding downstate casino licenses.
This delay, according to reports by ReadWrite, is attributed to legislative requirements. New York State Senator Joseph Addabbo has stated that these licenses may not be awarded until the start of next year. This delay could potentially affect the timeline for the development of new casinos in the city, as well as the plans of companies seeking to enter the NYC casino market.
The delay in awarding downstate casino licenses may also impact economic development and revenue generation for the city. Moreover, it could affect the competition among existing casinos and potential new entrants in the market.
In a related development, there is a hiatus on legal wagering on individual sports player awards, such as Super Bowl MVP, the Heisman Trophy, and NBA Rookie of the Year. This hiatus is due to the same reasons as the delay in awarding downstate casino licenses. The lawmaker has announced this hiatus, which may impact the plans of companies seeking to enter the sports betting market in New York, and potentially affect the revenue generation for the sports betting industry.
The hiatus on legal wagering may also impact the competition among existing sports betting operators and potential new entrants in the market. Furthermore, it could potentially impact the timeline for sports betting expansion in New York, including the possible expansion of casino-based sports betting.
The next sitting of the New York State legislature is not due to take place for another five months. During this time, it remains to be seen how these delays and hiatuses will impact the gaming and sports betting industries in New York City.
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