The state of New York is obviously taking the time to issue three northern casino licenses. During that time, many experts, analysts, and investors have the opportunity to speculate on this topic and the details. At a recent gambling conference in Atlantic City, Wall Street experts questioned how long the process would take.
The issuance of three licenses available in the Downstate area has been in progress for some time, and finally, the state has begun the application request process centered on the Game Facilities Location Committee, which will review bids for third-party candidates. The license is expected to be announced by the end of this year.
Wall Street investors told a recent conference that the downstate process would be prolonged. Duane Bulini, managing director of Wells Fargo Bank Security, said the issuance would take time because the state government will first bid and then select the winners and eventually go through the process of building a new casino.
Mr. Bullini and others on the panel predict that it could take three to four years for a full-fledged commercial casino to debut in New York City. Meanwhile, new ground-based gaming facilities will not bear fruit until 2030. Mr. Bulini also noted that much of the winning bid criteria is currently unknown.
Currently, two gaming facilities in New York City are leading the race for two of the available licenses, so it is believed that they can potentially scale to full licenses and run quickly. The most popular are MGM Resorts International’s Empire City Casino in Yonkers and Genting Group’s Resort World New York City in Aquaduct Racecourse in Queens.
With two casinos almost certain to get two permits, this is essentially the third battle for the rest of the stakeholders. Companies and associations that have already submitted proposals include Caesars Entertainment, Mohigan Gaming, Hard Rock International, Ballis Corporation, Wynn Resorts, Saratoga Casino Holdings and Las Vegas Sands.
Mohit Kansal, managing director of Clarebest Group, said local complaints would make building new properties almost impossible. For example, Hofstra University on Long Island opposed Las Vegas Sands hosting casinos in Naso County. Meanwhile, the Times Square coalition opposed Caesars Entertainment’s bid for a midtown gaming facility.
Finally, Jordan Bender, chief stock research analyst at JMP Securities, said the state would opt for existing gaming facilities in Yonkers and Queens if it wanted quick tax revenues. He believes this would take about a year to expand his existing gaming facilities, which he believes will allow him to operate existing gaming facilities and generate tax revenue for the state budget.
BY: 파워볼사이트