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New York State Gaming Board will decide the tax rate

This is a way to allow the state government to settle its casino licenses in the local gaming industry. Currently, the state is considering accelerating the licensing process, based on an estimate that Downstate Casino will provide $1.5 billion in revenue to the state economy.

New Senate Bill 8009 states that applicants will be selected based on many factors. Some criteria include the realization of maximum capital investment, excluding land acquisition and infrastructure improvement. Of course, it maximizes the revenue that states and municipalities receive, and provides the most quality jobs in licensed properties.

The bill also said the ideal candidate would present a reasonable and feasible construction schedule for the completion of a full-scale commercial gaming property. In addition, operators must demonstrate their ability to fully fund casinos at the time of application, and finally consult with local governments carefully and negotiate with them.

So far, numerous gaming companies have expressed interest in joining the state gambling industry and acquiring licenses in downtown New York. Some companies have already entered the region and have major support from local communities and lawmakers. They are Resort World New York City Casino and Empire City Casino and are considered one of the leaders.

Not long ago, for example, state Senate Majority Leader Andrea Stewart-Cousins helped MGM Resorts International's Empire City Casino win one of three licenses. She has already said she supports her hometown casino, which has proven its value in the Yonkers area, and according to her, the property could do much more if it was transformed into a full-scale casino.

But Tom Rigg, CEO of gaming giant Caesars Entertainment, said the company has no plans to enter the market. Mr Reg described the Empire State gambling industry as a difficult industry, and shared that the operator has no plans to apply for one of the licenses. His argument is that the licensing costs would be significant, and that it would be prohibitively expensive for the company to build there.

three places under consideration
Game giant Hard Rock also recently announced its intention to set up a casino property in downtown New York. Last week, the Seminole Tribe-owned company said it was considering three potential casino sites in the area.
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Sunday, December 3, 2023
 
 
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