New York takes a gamble on three new casinos
And supportive housing providers are pleading with Hochul for funding.
Good afternoon — It’s Monday and World AIDS Day.
In today’s CapCon:
Three new casinos have been recommended for approval in New York City, employing the same strategy used upstate a decade ago.
Supportive housing providers are asking Hochul for a funding bump amid recent changed anticipated for federal funding sources.
Hochul signed one bill Monday to create a Holocaust memorial in Albany.
A new bill seeks to lower the cost of building affordable housing by utilizing a different material for those homes.
This Week in New York History: Saratoga’s founder, the first weather report and the New York Philharmonic.
Names in today’s CapCon: Kathy Hochul, Steve Cohen, Didi Barrett, Anna Kelles, Rachel May
Today’s Capitol Confidential is sponsored by Food & Water Watch.
Tell Governor Hochul to sign the Legislature’s repeal of the 100-foot rule. New Yorkers shouldn’t have to subsidize new gas hookups. End this outdated giveaway and cut costs for families. — Food & Water Watch
🎲 State board recommends three new casinos for approval in New York City
About a decade ago, state officials prescribed what they viewed as a solution for the struggling economy in regions of upstate New York: casinos.
Three new casinos were approved by the state Gaming Commission in December 2015. A fourth was licensed the following year.
The purpose of those projects was two-fold. They were supposed to spur economic development in their respective regions while generating tax revenue for the state to spend on schools and property tax relief.
A sizable chunk of the revenue was also remitted to local and surrounding municipalities in exchange for hosting the new developments.
New York City is now making the same bet, albeit for different reasons.
Three proposed casinos were recommended for approval Monday by the state’s Gaming Facility Location Board after a long, thorough process that started in the 2022 state budget.
Gov. Kathy Hochul and the state Legislature authorized three new casino licenses for downstate New York that year. That began the process that led to Monday’s vote.
The purpose of the new casinos is also two-fold but different. They’re intended to raise revenue for the state to spend on mass transit in New York City while providing new jobs in the five boroughs.
The three projects that made the cut include Bally’s in the Bronx, Metropolitan Park in Queens and Resorts World in Queens. Metropolitan Park is from Mets owner Steve Cohen and Hard Rock International and Resorts World is from Genting.
They also happened to be the only three proposals that were still left on the table. There were eight applications initially submitted to the board.
The recommendation Monday was the penultimate action required for the projects to move forward. Each still has to be licensed by the state Gaming Commission.
Its seven members released a statement Monday that suggested enthusiasm for the board’s recommendations.
“We entered this process with a tabula rasa, and are concluding with three impressive projects that will transform communities, establish career opportunities for residents, and drive much-needed revenue to the MTA, public schools and the city,” the statement said.
Hochul was optimistic about the expected impact of the new casinos in her own statement, saying they have the potential to provide real benefits to the city.
“The three projects approved today promise to unlock billions in funding for the MTA and create tens of thousands of jobs,” Hochul said. “It is critical that they keep those promises.”
I was curious about whether the casinos approved upstate had kept their promises from when they were licensed. They have not, state reports show.
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