Gov. Andrew Cuomo and state legislative leaders today announced an agreement on the Upstate NY Gaming Economic Development Act, which will establish four Upstate casinos.
The casinos are intended to boost tourism and economic development in the region, according to the governor’s office.
“This legislation is a major step forward in our efforts to both capitalize on this economic development and tourism potential and end the trend of letting neighboring states with legalized gaming take revenue that should be going to our schools. I look forward to continuing to work with my colleagues in the legislature to make this economic development ‘game plan’ a reality,” Cuomo said in a news release.
(Sponsored)
Insurance Rates: What is really going on with these premiums and why they seem to be increasing!
This is a question we continuously get asked at CH Insurance. Clients with a good loss history, timely payments, excellent credit, and very good policies and procedures. All across the
Why Now Is the Time To Start Planning for Your Company’s Business Succession
You’ve built a great business, and you love what you do. Retirement is a long way off, so why worry about how you’ll transition the ownership of your company down
The proposed legislation authorizes four Upstate “destination-gaming resorts” that the state will select in a competitive process, according to the governor’s office.
The casinos are authorized in three regions, including the Hudson Valley–Catskill area, the Capital District–Saratoga area, and the Eastern Southern Tier. One region may have up to two casinos if determined by the state siting board, the governor’s office said.
The proposal also includes a seven-year exclusivity period during which the state won’t license further casinos.
In addition, the revenue the casinos will generate is intended to provide an increase in education aid, according to the governor’s office.
The proposal calls for the host municipality and the host county to equally share 10 percent of the state’s tax revenue from the casino. In addition, other counties in the region where the casino operates will equally share another 10 percent of the state’s tax revenues to provide tax relief or educational assistance.
New York will also distribute another 80 percent of its tax revenues statewide for elementary and secondary education or property-tax relief. The additional education aid won’t be part of New York’s existing education formula, according to the governor’s office.
The proposal will also include funding for problem gambling through the imposition of a $500 annual fee on all slot machines and table games.
The casinos will be required to develop problem-gambling programs, and the quality of the applicant’s program will help in making the siting decision for a casino, the governor’s office said.
The proposal also authorizes a state gaming inspector general to prevent corruption at the New York State Gaming Commission.
It also affirms the exclusivity of Indian gaming zones, including the one in which the Oneida Indian Nation operates the Turning State Resort Casino, the governor’s office said.
Contact Reinhardt at ereinhardt@cnybj.com
