New York is to a large number of land-based casinos. Unfortunately, the majority of these gambling venues are located in the upstate area and are difficult for many residents to visit. There is now a major push to allow even more casinos in New York.
A recent poll shows that the vast majority of voters here support expanding the state’s casino industry. That’s great news for the gaming companies looking to open new venues here. Now is a great time to talk about how New York’s casino industry could change over the next few years.
Let’s get into it!
New York’s Sports Betting Industry is Still Lagging
For decades, New York had some of the strictest gambling laws in the United States. Lawmakers here worked hard to ban almost all forms of gambling. As a result, nearby New Jersey developed one of the largest gambling industries on the East Coast.
Finally, in 2013, lawmakers here began allowing commercial casinos to operate in the state. It was a huge change from the anti-gambling stance taken for so long. Officials realized there was valuable revenue that could be earned from these venues.
After PASPA was struck down in 2018, lawmakers looked to legalize and regulate sports betting. By July of 2019, this industry was up and running. Land-based sports betting is now legal here and can be found inside many of the casinos in the upstate area.
The industry here hasn’t taken off in a way that many predicted. New York still prohibits online sports betting. Only wagering at retail sportsbooks inside casinos is allowed. The vast majority of sports fans here are unwilling to make the trip to one of these locations on any regular basis.
In January, the state’s sportsbooks brought in a combined $3.57 million in revenue. That represents a notable increase from the $2.3 million earned in December. It is still far below what is being earned in New Jersey, though.
Casino revenue in New York is lagging right now, too. More residents are starting to get on-board with the idea of opening new casinos in more favorable locations.
Voters Are Pushing to Get More Casinos in New York
The state of New York has been one of the hardest-hit by the events unfolding around the world. Early on, New York was the epicenter of the health crisis. Even today, a huge number of businesses throughout the state are struggling to cope.
There is a serious need for revenue right now. Unfortunately, state lawmakers are finding it difficult to generate this additional cash. Casinos are thought to be one way for New York to gain more money from taxes.
New reports claim that a huge number of residents in the state support the idea of allowing more casinos in New York. 70% of voters from a Global Strategy Group poll support converting what are known as “slot parlors” into fully-functioning casinos. Just 16% of those polled were against this idea.
Many are pushing for Resorts World and MGM Empire City Yonkers to become official Class III casinos. Both are located around the New York City area. Most analysts believe they could become massive revenue-generators for the state.
There’s certainly a demand for these properties to upgrade. Many residents have complained about the lack of a casino in New York City for years. Even NYC mayor-hopeful Andrew Yang believes opening a casino here will be beneficial in the long-run.
Global Strategies released a statement that discusses why more are in support of this move right now.
“The billion dollars in license fees and millions per year in additional tax revenue and protection of jobs in hard-hit communities in Yonkers and the Bronx effectively persuade undecided voters to tilt toward supporting the proposal,” the statement said. “Once voters hear about these benefits, undecided voters move in favor of the proposal and support climbs to 83 percent statewide.”
Governor Cuomo seems to be warming up to this idea. We’ll be sure to report on any updates over the next few weeks!
Gaming Companies Brace For Online Gambling Legalization in New York
There’s a lot happening with the casino industry in New York. More residents and lawmakers are becoming interested in allowing legitimate casinos to open in and around New York City. Many are also now pushing for online gambling to become legal and regulated here.
Online gambling is clearly a far more lucrative industry. New Jersey, for example, generates the vast majority of its gambling revenue from online operations. That’s particularly true with its online sports betting industry.
It seems major gaming companies are now preparing for New York to make this change. Not long ago, Penn National Gaming secured a new deal with Rivers Casino for exclusive rights to offer online sports betting options in the state. The company is preparing for New York to begin allowing online sportsbooks to operate in the near future.
There is also a chance that New York will choose to allow online casino gambling, as well. Some analysts believe it will be the only way for New York’s casinos to stay afloat. Cuomo is also looking more into allowing both online sports betting and casino gambling.
It’s an exciting time for gambling fans in this state. There is a lot set to change here over the next few years. Hopefully, things work out in a way that benefits the residents and the overall state moving forward.
Do you think there should be casinos in New York City? Let us know in the comments section below.
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