Gov. Kathy Hochul and state lawmakers fast-tracked the process, but casinos are still likely more than a year away.
LIONEL BONAVENTURE/AFP via Getty ImagesEarlier this month, Gov. Kathy Hochul and state lawmakers, which are destined for downstate after the first four were reserved for regions north.
“We would like to have two in New York City,” he said last month. “I think it would be a great boost for the economy, and we are evaluating what are the best locations." Under the original law, the state Gaming Commission couldn’t begin the casino-licensing process for the final three licenses – which aren’t restricted by geography – until at least 2023.
As for taxes, the rates will ultimately be determined by the competitive bidding process for the licenses, but the law says they can’t be less than 25% of slot revenue and 10% of table game revenue. It’s likely to be higher, at least on the slot side: The four upstate casinos all pay between 30% and 40%.State lawmakers made two major changes to the state’s casino-siting process.
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