New York’s Three New Casinos May Generate Money for the MTA

A couple of years ago, New York lawmakers greenlighted a proposal that called for the creation of three new downstate casinos. The expansion of land-based gambling in the state seeks to bring economic stimulus, create new jobs and generate tax revenue.

Yet, there wasn’t much progress since which is a prime reason why Assemblyman Gary Pretlow, one of the supporters of the gambling expansion, last month urged to quicken the pace of New York’s gambling expansion.

Last week, Gov. Kathy Hochul, who signed into law the proposal for the three new downstate casinos in 2022, unexpectedly halted the process for the implementation of a new congestion toll applicable for Midtown Manhattan. The area was expected to implement a congestion fee of $15 for vehicles applicable from June 30.

This turn of events surprised the Metropolitan Transportation Authority (MTA) and now lawmakers have looked once again to the casino gambling expansion as a source of revenue. Pretlow, who was recently interviewed by the New York Post, shared his opinion on the matter.

He explained: “We have to bring the casino deals to fruition — the MTA needs the money.” Moreover, Pretlow added: “The governor could open the bidding process right now, and that could help the MTA.”

Casino Licensing May Bring up to $3 Billion

Back in May, Sen. Joseph Addabbo, who is a long-term supporter of the Empire State’s gambling expansion, filed a proposal calling for the legalization of online poker. The bill, Senate Bill S9226, focused on internet poker, supporting the legalization of online Omaha Hold’em and Texas Hold’em, among other games.

As a proponent of the gambling expansion, Addabbo recently highlighted the significant potential of the casino expansion in New York. In an interview for the New York Post, he acknowledged that the three new downstate casinos can bring billions of revenues from the casino licensing alone. “We could end up getting $2.5 billion to $3 billion just from the casino licenses,” he predicted.

According to him, the funds generated from casino licensing may boost the MTA. This wouldn’t be unexpected considering the recent halt on the planned congestion fee for Midtown Manhattan.

In other news for the region, 17 individuals faced criminal charges after a massive investigation against illegal gambling. Some of the suspects, who ran an illegal gambling and loan shark operation, are allegedly related to the infamous Gambino crime family. The criminal group allegedly earned $500,000 a week from usurious loans and gambling.