NYC-area casino license could cost $1 billion, if New York Senate budget proposal passes

The Senate’s one-house budget released on Sunday says that the state Gaming Commission’s siting board “shall determine a licensing fee to be paid by a licensee within thirty days after the award of the license which shall be deposited into the commercial gaming revenue fund; provided however that such licensing fee shall be no less than one billion dollars per license.”

The Assembly’s one-house plan doesn’t include a figure for the coveted licenses, which Gov. Kathy Hochul is proposing to make available this year rather than wait until 2023.

All of this will be negotiated as part of the budget for the fiscal year that starts April 1.

Another key change in the Senate proposal could help Resorts World New York in Queens and Empire City in Yonkers win two of the three licenses up for grabs. It includes language that would encourage state regulators to “consider private capital investment made previous to the effective date” of the license.

That means upgrades already made by the two racetracks with video-lottery terminals might be considered as part of the minimum investment required for any license.

Another gaming measure worth noting: mobile sports betting.

With the success of the program — more than $3.5 billion has been bet since it started in New York on Jan. 8 — the Senate plan would increase the eligible vendors to 16, which is about double the number of current operators. The Assembly would go to 14 operators and require 30 percent of them to go to minority-owned businesses.

By Joseph Spector