{"id":296593,"date":"2023-10-31T14:02:15","date_gmt":"2023-10-31T19:02:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=296593"},"modified":"2023-10-31T20:14:30","modified_gmt":"2023-11-01T01:14:30","slug":"new-york-casino-politics-becoming-circus-says-expert","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/","title":{"rendered":"New York Casino Awards Likely in 2025 as \u2018Circus\u2019 Takes Shape, Says Analyst"},"content":{"rendered":"

New York regulators are unlikely to award three downstate casino licenses next year, likely pushing the matter off to 2025 as the state extends its reputation as \u201cthe circus\u201d of casino politics.<\/p>\n

\"New
New York Gov. Kathy Hochul (D). The state’s process for awarding three downstate casino licenses is turning into a circus, says an analyst. (Image: The New York Times<\/em>)<\/figcaption><\/figure>\n

That\u2019s the sentiment of B Global Advisors Brendan Bussmann. In a new report by way of Truist Securities, Bussmann comments on the gaming political landscapes in several states, including New York. The awarding of three New York City-area casino licenses is already moving at a glacial pace<\/a>, making Bussmann\u2019s 2025 timeline plausible.<\/p>\n

One has to wonder how long the second phase of this initial stage will take, let alone the subsequent stages that arguably are more challenging and daunting over several multi-billion projects,\u201d<\/strong> wrote the analyst.<\/p><\/blockquote>\n

He added another potentially larger surprise is looming: Genting and MGM Resorts International might not be sure bets to capture two of the three downstate licenses.<\/p>\n

Scandal Erodes Genting, MGM \u2018Favored Nation\u2019 Status<\/h2>\n

In 2022, New York lawmakers approved three downstate casinos. Since then, it\u2019s been widely speculated that gaming companies are essentially vying for one license because MGM\u2019s Empire City Casino<\/a> in Yonkers and Genting\u2019s Resorts World New York in Queens were expected to be \u201cgrandfathered\u201d in to receive two of the permits.<\/p>\n

\n

However, Bussmann notes that Scott Sibella\u2019s alleged role<\/a> in an illegal sports betting ring could weigh on those operators\u2019 efforts to win New York casino permits. Sibella has ties to both companies. He was fired by Resorts World Las Vegas last month and previously served as president of MGM Grand on the Strip for a decade.<\/p>\n<\/div>\n

Bussmann pointed out that the \u201cfavored-nation\u201d status of Genting and MGM has eroded on the back of the Sibella scandal. That could open the door for the likes of Caesars Entertainment, Las Vegas Sands, and Wynn Resorts, among others, to emerge victorious in New York. One thing is clear: things won\u2019t be easy in New York.<\/p>\n

The B Global founder cautioned about \u201ca drawing of straws between real estate moguls, a politically juiced process\u201d and \u201can inflated race to the bottom as we have seen with sports betting\u2019s tax rates.\u201d<\/p>\n

Speaking of New York Gaming Taxes\u2026<\/h2>\n

Bussman added that the third ring of the circus in New York is the possibility of iGaming coming to life. The legislature could take up that matter next year. Should the state approve online casinos, that would be to the liking of online sportsbook operators enduring New York\u2019s 51% tax rate, the highest in the country.<\/p>\n

However, the B Global analyst said that if iGaming is approved in New York, it\u2019ll likely be with a similarly demanding tax rate.<\/p>\n

While the circus will be in town for some time, the only things that are consistent is that it is New York\u2019s money, not the people or operators\u2019 money, that actually make things move in the Empire State,\u201d<\/strong>he opined.<\/p><\/blockquote>\n

With New York’s bleeding population due in part to high taxes, the state needs alternative revenue sources as its income tax pool dwindles. Gaming can provide that revenue, indicating there could be some legislative momentum<\/a> for internet casinos next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

New York regulators are unlikely to award three downstate casino licenses next year, likely pushing the matter off to 2025 as the state extends its reputation as \u201cthe circus\u201d of casino politics. That\u2019s the sentiment of B Global Advisors Brendan Bussmann. In a new report by way of Truist Securities, Bussmann comments on the gaming […]<\/p>\n","protected":false},"author":46,"featured_media":247176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,61,86438,1,84511],"tags":[81897,81901,86457,81967,82714],"acf":[],"yoast_head":"\nNew York Casino Politics Becoming Circus, Says Expert<\/title>\n<meta name=\"description\" content=\"New York casino political landscape a circus, says analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Casino Politics Becoming Circus, Says Expert\" \/>\n<meta property=\"og:description\" content=\"New York casino political landscape a circus, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-31T19:02:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-01T01:14:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/merlin_193639533_8c538e79-07a5-4d1c-b52f-a31af9540261-mobileMasterAt3x.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/\",\"url\":\"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/\",\"name\":\"New York Casino Politics Becoming Circus, Says Expert\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/merlin_193639533_8c538e79-07a5-4d1c-b52f-a31af9540261-mobileMasterAt3x.jpg\",\"datePublished\":\"2023-10-31T19:02:15+00:00\",\"dateModified\":\"2023-11-01T01:14:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"New York casino political landscape a circus, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casino-politics-becoming-circus-says-expert\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/merlin_193639533_8c538e79-07a5-4d1c-b52f-a31af9540261-mobileMasterAt3x.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/merlin_193639533_8c538e79-07a5-4d1c-b52f-a31af9540261-mobileMasterAt3x.jpg\",\"width\":1200,\"height\":800,\"caption\":\"New York Gov. 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