Gov. Andrew Cuomo on Tuesday signed the Upstate NY Gaming Economic Development Act, a new law that is subject to a voter referendum in November.
If the voters approve, the legislation would establish four casinos, or what Cuomo is referring to as “destination-gaming resorts,” in upstate New York.
The law is intended to boost tourism and economic development in communities across the region, the governor’s office said.
Under the casino-gaming plan outlined in the new law, all localities in the state will share in increased education aid, or lower property taxes, no matter where the casinos are located, according to the governor’s office.
The focus has been to bring jobs and boost local economies in upstate New York, where “decades of decline” have taken their toll, Cuomo said in a news release.
“This new law will bring the state one step closer to establishing world-class destination gaming resorts that will attract tourists to upstate New York and support thousands of good paying jobs as well as new revenue for local businesses. For too many years, gaming revenue has left New York for our neighboring states. Today, we are putting New York state in a position to have those dollars spent here in our communities, which will benefit our local economies and tourism industries, as well as support education and property tax relief,” Cuomo said.
Contact Reinhardt at ereinhardt@cnybj.com