New York is home to a large casino industry. Unfortunately, revenue from this industry has been low for more than a year and many are looking at new ways to bring in money. We’re now beginning to hear more about the plans to open a NYC casino.
Many officials are pushing to allow a Class III gambling venue in New York City. It seems that some progress is being made on this front. Today, we’re going to discuss exactly what needs to be done for a casino to be approved to open its doors in the Big Apple.
Let’s get into it!
Gaming Revenue is Beginning to Surge Around the US
It’s been more than a year since the US casino industry completely shut down. This proved to be one of the biggest moments in the casino industry to date. It took months for any major casinos to begin operating again.
The country’s larger gaming hubs were impacted more than the smaller ones. Places like Las Vegas and Atlantic City immediately began to suffer. These cities are unique in that they rely massively on their tourism industries.
Las Vegas began allowing its casinos to operate again in June. Of course, these venues were only able to operate at a limited capacity with intense regulations set in place. Tourism in the city remained low even after the casinos opened their doors again.
Atlantic City wasn’t given permission to reopen casinos until July. It was a tough few months for the East Coast’s biggest gaming destination. Like Las Vegas, tourism here remained very low for months.
Things are beginning to improve, though. Tourism rates are steadily increasing in Las Vegas. Casino companies across the country are beginning to see an increase in revenue. It seems likely that there will be a major recovery reported throughout the summer.
New York has been trying to improve its casino industry for years. It’s now looking like a major gambling venue could finally be making its way into NYC.
Here’s What We Know About the Plans to Open a NYC Casino
The idea of opening a major Class III casino in New York City has been floating around for years. There has been pushback by several prominent individuals in the state who feel this could end up resulting in more crime and gaming addiction. Lately, however, more have gotten on board with the idea of getting a casino in New York City up and running.
Several prominent politicians are interested in this idea, as well. New York City mayor-hopeful Andrew Yang has been supporting the plans to open a NYC casino. He believes this gaming venue could help to bring New York a huge amount of valuable revenue.
This week, news broke that a bid to open an official casino in New York City came up during the state budget talks. It’s the first time this has happened and shows how much progress is being made. Governor Cuomo is now said to be working on a “community advisory board” to find an adequate site to host this new casino.
One anonymous lawmaker spoke with the New York Post this week about the current casino plans here.
“Cuomo is like a mad scientist in his lab drafting language for a new casino. Legislators in the Senate and Assembly are rejecting budget language giving the governor the authority to locate a casino in Manhattan,” the lawmaker said.
It’s clear that more individuals are now beginning to support the idea of opening a major casino in New York City. Reports have surfaced showing this property could bring the state a massive amount of tax revenue every single year. One anonymous lawmaker seems to indicate that not everyone is supporting this idea, though.
Finding a suitable location for this venue seems to be the main priority right now. We’ll be sure to offer updates on this situation over the next few weeks!
Atlantic City’s Casino Industry is Poised for a Big Comeback
Casinos around the United States are beginning to see big increases in their monthly revenue earnings. It’s great news for the companies that own these properties. Most major US casino operators have seen unprecedented revenue drops over the past twelve months.
Atlantic City may end up seeing a massive comeback this summer. This small city is home to many of the best casino-resorts on the East Coast. Most of the restrictions here have been lifted and these casinos are beginning to report major increases in their visitation rates.
Some big companies are now investing into this city’s gaming industry. Not long ago, news broke that the Ilitch family had agreed to purchase half of the Ocean Casino in Atlantic City. They expect major jumps in revenue over the next few months.
The sportsbooks here are likely to see a major revenue boost, as well. Online sports gambling revenue has been flowing into New Jersey for the past year. As more visitors flock into Atlantic City, land-based sports betting revenue will increase.
It’s a great time for the casino industry. If all goes according to plan, there will be a surge of tourism into the major gambling hubs around the country. Stay tuned for updates on this exciting situation.
What do you think about the plans to open a NYC casino? Do you think a casino will open here in the next few years? Let us know in the comments section below.