New Budget Plan Could Allow for the First NYC Casino

Kathy Hochul New York Governor Casino Background

New York has been expanding its gambling industry over the past few years. Lawmakers in the state are looking for new ways to generate tax revenue and the gambling industry is one effective way to generate these funds. A newly-presented budget plan may allow for the first NYC casino to open soon.

Many have been calling for a true Class III casino in New York City to open its doors. Now is a great time to talk about what needs to happen for this property to open.

Here’s what you need to know.

A New State Budget Could Allow for the First NYC Casino to Open

The US is home to a huge number of gambling hubs. Over on the East Coast, New Jersey is known as the largest gambling destination, home to a huge number of popular casinos and sportsbooks. New York is now working to establish itself as a great gambling hub, as well.

A real push to open a casino-resort in New York City has been taking place over the last few years. Various groups support this move, arguing it will help to fuel tourism and bring in tax money for the state. Many are hopeful that 2022 is the year this NYC casino gets approved.

A new budget plan has just been presented by Governor Kathy Hochul. The $216.3 proposal would allow for three new casinos to open in the state. That includes one, or perhaps more, to open their doors in and around the New York City area.

Resorts World currently operates one limited gambling property in New York City. This company released a statement on the possible allowance of a Class III casino to the media this week.

“Gaming in downstate New York is full of untapped potential and Gov. Hochul’s initiative to award additional casino licenses is a big step toward showcasing the state’s enormous promise,” the statement said. “If granted a full casino license, we are uniquely positioned to immediately elevate our support for the state in a number of significant ways. On day one, we’ll be able to hire and train hundreds of new union members, generate significant additional revenue for public schools, and drive economic activity for local small businesses and the Queens community.”

This state budget has not yet been approved. It will likely take months for any approvals to be made. Stay tuned for updates on the possible approval of these plans as the year goes on.

New York’s Sports Betting Industry Continues to Grow

New York’s lawmakers are focused on more than just the casino industry. This state’s first sportsbooks went live in 2019. At that time, only land-based sportsbooks were allowed to operate and many immediately began calling for online betting options to launch in order to better compete with neighboring states.

Allowing online sports betting in the state was no easy task. Lawmakers needed to make a constitutional amendment, approved by residents. Finally, on January 9, New York’s first online sportsbooks officially went live.

Hundreds of thousands of online betting accounts were created in the first few days of this industry launching. A massive amount of wagers have already been placed here online. There is reason to believe New York may quickly develop the largest sports betting market in the country.

More online sportsbooks are set to go live in this state in the coming weeks. Experts are predicting a massive surge of wagers to come in here on the upcoming Super Bowl. All signs point to next month’s NFL championship game being the most-bet-on game in history.

With online sportsbooks and new casinos, New York is turning into a true gambling hub. We’ll be sure to report more on the state’s gaming revenue figures throughout 2022.

More States Look Toward Casino Expansion This Year

New York is not the only state working to expand its number of casinos. Various states around the country see casinos as a great way to generate tax money while boosting tourism. 2022 is expected to be a huge year for the US casino industry as a whole.

Illinois has been expanding its gambling industry since 2019. A Capital Plan approved that year allows for several new casinos to open in the state, including one in Chicago. A location for the Chicago casino will be revealed soon and hope is that construction on this property beings this year.

Nevada is without a doubt the largest casino hub in the world. New gambling properties are constantly opening here, particularly in the Las Vegas area. Station Casinos is planning to open several new venues this year and is eyeing a new venue in the Downtown area.

Various other smaller gaming hubs will likely open new casinos soon, too. That includes Colorado and Oklahoma. Assuming no more intense health regulations are ordered once again, the entire country’s casino industry should be set for a massively successful year.

Do you expect a NYC casino to open anytime soon? Will New York overtake New Jersey as the East Coast’s biggest gambling hub? Let us know in the comments section below.