Developers Pitch Idea for New NYC casino
New York could be on its way towards legalizing online sports betting. The state’s Governor said that New York is exploring two options to close the $15 billion budget gap. Gov. Andrew Como expressed confidence in online sports betting as a revenue source for the state.
For sports betting, according to the Governor, the state will set up a system that is similar to the lotteries where it gets the more significant percentage of the revenue. Gov. Como’s remarks come as good news to real estate developers and pushing for the legalization of sports betting.
Current State of Gaming in NY
The state doesn’t offer a lot of gaming action. Besides horse race betting and sweepstakes casinos, most of the other gambling forms like online casinos aren’t legal. Gamers usually join offshore casinos to access these activities.
Others prefer to move to near states such as Pennsylvania and New Jersey, where online casinos and sports betting are legal. Based on this, it’s obvious the state loses much of its revenue to these casinos.
Specifically, this is one of the reasons the state is focused on legalizing sports betting. Through this, it will reduce the loss of its gaming revenue to neighboring states and offshore casinos. Take a look at this detailed list of New York casinos map for an overview of the betting sites.
Alternative Sources of Revenue
New York, for the longest time, has been an anti-gambling state. Players here can only access casino gaming at sweepstake casinos where they can’t play for real money. However, they can win real money prizes, which makes these casinos quite popular in NY.
Unfortunately, these casinos don’t generate as much income as the state would expect. As a result, it is considering legalizing sports betting in online and retail casinos to raise additional revenue.
Particularly, sports betting has shown to thrive in other states, and hence, lawmakers are sure it will be a booming business. Soon, if everything goes as per the speculations, New Yorkers will have access to sports betting. Also, we may be seeing a land-based casino launch in Manhattan.
A Casino in Manhattan
L&L Holding proposes that the casino should be located in its 46-story building in Manhattan. The building, Times Square, is one of the notable landmarks in Manhattan. Besides, the building is busy, meaning it won’t be a challenge attracting potential games.
Moreover, Times Square has served as an entertainment center and tourist destination for some time. Hence, it is a popular destination, and if a casino were to be located here, it would take a short time before it starts buzzing with activities.
The casino’s location is also ideal, and with many visitors visiting Manhattan, this will play a role in promoting its popularity. In addition, the building has about 669 hotel rooms, and with a casino within a building, these rooms could be operating in full capacity.
Revenue from Licensing
Assuming the state permits the construction of a casino in Manhattan, it will collect millions of dollars from licensing alone. The amount could help the state offset its deficits. Casino executives and lawmakers project that a license will cost not less than $500 million.
Essentially, this is not a small amount, especially considering that casinos must have multiple licenses to operate in the industry. The legislator’s last resort is to raise taxes. Since they don’t want this to happen, they may allow L&L Holding to establish the Manhattan casino.
Further, as Gary Pretlow asserts, being able to raise extra money without raising taxes would be a good deal. Primarily, this indicates that the state is set to legalize casinos instead of forcing residents to pay higher taxes.
Implications of Legalizing Sports Betting
In his statement, Governor Cuomo said that he was aware that New Yorkers were betting anyway. Hence, he felt that it was about time the state legalized online sports betting to give the residents the freedom to enjoy sports betting.
Legalizing sports betting will generate extra revenue that the state can use to run health and education programs. The two are among those worst-hit by the current budget deficit in the state. The state will also use the revenue money to run other crucial activities.
Moreover, while the benefits are many, some people seem to have a problem with how the system will work. Cuomo proposed that it should follow the lottery system. Some lawmakers and operators argue that the sector will not bloom to its full potential if this system is used.
Top Bookmakers Eyeing the Market
The state has the potential to become the leading hotbed for sports betting in the US. Partly, this is because the state is very populous, so that it could be home to thousands of gamers. Sportsbooks understand this too well, and a good number have shown interest in this market.
The state may consider allowing these sportsbooks, especially those that have been around the sports betting industry. The truth is, once legalized, lawmakers and operators will be focused on ensuring fast growth.
Moreover, apart from the residents, New York welcomes thousands of visitors every year. Some of them are avid gamers and may want to place bets during their stay. Of course, brand names will make it easier for them to choose an ideal gaming site.
Betting from Mobile Devices
With the largest percentage of the world’s population owning a smartphone, one can easily see why mobile gaming has become so popular. Mobile betting is currently illegal in NY, but this is something many people are looking to see if it will be legalized.
Lack of similar opinions about this is one of the problems undermining the state’s efforts. For example, lawmakers like Mr. Addabbo and Mr. Pretlow argue that legalizing sports betting and setting a casino in Manhattan aren’t possible options.
Instead, they propose upgrading the state’s racinos, MGM Resorts’ Empire City Casino, and Genting’s Resorts World Casino. Since the state requires billions, simply upgrading these two won’t help much. It needs to ensure gamers can bet on a variety of sports at their comfort.