Just days after New York State included the fast-track of downstate casino licenses in its budget, CGS-CIMB Research has given its prediction on the potential front-runner. According to the research house, Resorts World New York City is in the best position to be awarded one of the three licenses and quickly expand operations and bring in more state tax revenue.
Empire State lawmakers have decided to include the acceleration of downstate casino licenses in the state’s new fiscal budget. This would allow to fast-track the process by at least a year, and award the three available full-scale casino licenses in downstate New York earlier. Thus lifting the moratorium on them which was introduced to allow upstate ones to adjust to the local gambling scene.
An Edge Over Others
Just recently, CGS-CIMB Research issued a statement that predicted that Genting Malaysia’s Resorts World New York City is in pole position to get its hands on one of the available gaming licenses. In its statement, the research entity suggests that the Queens’ gaming property would be able to quickly generate more tax revenue for the state, in comparison to other facilities.
According to the research house, RWNYC would be not only able to bring in more revenue quicker but it would be also able to create new jobs for the state in a shorter time frame in comparison to brand new casinos. A new gaming facility would require around three to four years to be able to make the same kind of impact that the Queens’ amenity would have right away.
This is due to the fact that the property already operates as a gaming amenity in the Empire State as it offers VLTs and slots. In addition to that, the Genting Malaysia facility has already received local backing from Queens community groups and organizations who have officially backed the casino to be expanded into a fully-fledged commercial venue.
In March last year, a union of local clergy and civil rights groups, along with economic inclusion advocates announced their support for RWNYC. The alliance has sent a letter to Assembly Speaker Carl Heastie and Leader Andrea Stewart-Cousins, in which it emphasized the positive effects, the casino expansion could have on the region, as would generate more funds and jobs.
Another Rumored Candidate
MGM Resorts’ Empire City Casino in Yonkers is next on the list of rumored properties that would be in pole position for a full commercial casino license. Similarly, to the Queens venue, the Yonkers one has also been backed by local community groups and alliances for its positive impact on the region and its expansion would be welcome by many.
In November last year, Empire City Casino celebrated its 15th anniversary of premium operations in the Empire State. The company has reported some impressive contributions to the Yonkers region over the years, as it has generated over US$4 billion for local education, with more than US$1.3 billion being generated over the last five years. Its expansion would only prove beneficial to the area.
Source: Murugiah, Surin “GenM’s Resorts World NYC has an edge for casino licence, says CGS-CIMB”, TheEdgeMarkets, April 14, 2022