New York online casino and poker games being proposed

This week's gambling news from J. Todd is all about how online casino and poker games in New York could become a reality. Senator Joseph Addabbo, yes, the same politician who pushed forward the sports betting legislation, is back at it, as he’s rolled out an Empire City online gambling bill that would regulate web-based casino games, including slot machines. The bill also contains provisions for live dealer and table games.

However, just like the sports betting legislation, there’s a catch. This new bill is proposing a 30% tax rate for operators, which is twice as much as the usual 15% tax in other states that have already regulated online casino games.

But before we get ahead of ourselves, this bill has zero-to-slim chances of passing this year. Traditionally, any legislation involving web-based casinos faces difficult challenges. So why should this bill be any different? There have been estimates that New York online gambling would generate about $4 billion a year, once it’s been up and running for a while. And at a tax rate of over 30%, that would mean well over a billion dollars a year for the state. And now we’re at the heart of the issue.

Obviously, one big factor in driving such aggressive gambling expansion in the state is the money. Almost as if it were low hanging fruit. After all, sports betting expansion brought the state over $900 million last year in tax revenue and license fees. So, if a little gambling is good… a lot must be better. One interesting aspect of Addabbo’s bill is that it does place a $2,500 a year deposit limit for credit cards, as well as incorporating other problem gambling solutions.

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New York Senate passes online poker bill

The bill will now head to the Assembly. The bill will now head to the Assembly. The New York Senate yesterday passed a bill — S 3898A — that would legalize and regulate online poker, continuing last year's efforts and picking up where the Senate Finance Committee's vote in May left off. The bill received a 54-8 vote.

 In June 2016, the New York Senate approved an online gambling bill by a 53-5 vote, but moved no further. Bill S 3893 was introduced in late January by Sen. John Bonacic and passed the Senate Racing, Gaming and Wagering Committee with an 11-0 vote.

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New York Senate Finance Committee advances bill to license and regulate online poker

The Poker Players Alliance (PPA), the leading poker grassroots advocacy group with 1.2 million enthusiasts nationwide and more than 40,000 advocates in New York, today applauds the New York Senate Finance Committee for passing S.5302—a bill to license and regulate internet poker in the state—and urges swift movement of the bill as it proceeds through the legislative process.

"Numerous discussions and hearings in the Assembly and the Senate have provided convincing evidence that licensing and regulating Internet poker in the state is in the best interest of consumers, and would also generate significant revenue and jobs in New York," said John Pappas, executive director of the PPA. "The New York legislature should move quickly to pass online poker legislation with strong consumer protections into law this year."

The New York legislature is also considering the regulation of Daily Fantasy Sports (DFS), but the PPA is urging lawmakers not to prioritize the protection of DFS players over internet poker players.

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Fantasy sports giants hit by New York ban

NEW YORK -- A judge has suspended fantasy sports companies right to conduct business in New York state, according to Reuters. The controversy is over whether or not fantasy sports betting equates to illegal gambling, the report said. The ruling affects the country's largest DraftKings and FanDuel companies who are prevented from engaging with a significant customer base, Reuters reported. Both companies will appeal the ruling, the report noted.

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New York racinos revenue down for fiscal year

NEW YORK -- New York's nine racinos reported a decline in revenue for the fiscal year of 2014-2015, according to the Daily Review. Broken down separately Resorts World and Batavia Downs were up $25.5 million but the other seven racinos in the state saw a decline of $32.5 million. Overall the loss was $7 million, the Daily review said.

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New York awards three casino licenses, Caesars rejected

NEW YORK -- Reuters and other news organizations are reporting that New York state approved three casino developments worth $1.4 billion on Wednesday that promise to add more than 5,000 jobs to the sluggish upstate economy and generate around $300 million in tax revenues for state coffers, but a proposal by Las Vegas-based Caesars Entertainment Corporation did not make the cut.

According to Reuters, New York is aiming for a bigger chunk of the $38 billion national gambling industry by tapping into demand from the huge New York City market. The move could head off growing competition in the region. Massachusetts is set to expand gambling after voter approval this year.

Gambling is heavily regulated in the United States. The decision by New York’s Gaming Facility Location Board marks the end of a lengthy review process and is the latest step toward expanding gambling beyond resorts on Indian reservations that have traditionally had the lion’s share.

New Yorkers voted to expand gambling in 2013. The initiative was championed by Gov. Andrew Cuomo who believes the resorts will boost the economy and divert gamblers to the state.

“We want to use the upstate casinos as a magnate to draw people from New York City upstate,” said Cuomo ahead of the board’s decision. “We are trying to drive the upstate economy.”

The expansion of gambling is a threat to established locations such as Atlantic City. In Atlantic City, which has drawn gamblers from New York since the late 1970s, four of 12 casinos have closed this year.

New York selected Montreign Resort and Casino to build a $630 million development in Thompson in the Catskills. The plan includes an 18-story resort with a 86,300 square foot (8,017.5 sqm) casino. Montreign predicts $301.6 million in gaming revenues and $103.4 million in gaming tax revenues in 2019.

Rivers Casino and Resort won in Schenectady with a proposal for a $300.1 million resort and 50,000-square-foot (4,645-square-metre) casino. Rivers forecasts $222.5 million of gaming revenues and $82.1 million in gaming tax revenues in 2019.

Lago Resort Casino won with a $425 million proposal to build a 94,000-square-foot (8,733-square-meter) casino in Tyre. Lago estimates $282 million of gaming revenues and $80 million in gaming tax revenues in 2019.

The remaining 13 proposals were rejected, including the $880 million Caesars Entertainment proposal in Orange County, N.Y., and the $1.5 billion Sterling Forest Resort by Malaysia’s Genting, Southeast Asia’s biggest gaming group.

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New York casino applications are filed

New York City

SCHENECTADY -- All casino license applications have now been submitted to the New York State Gaming Commission for consideration, according to TWC News.

In total there were seventeen applications submitted, the report said.

The decisions will be announced later this year in the fall, TWC News noted.

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New York, sì all'apertura di nuovi casinò

Importanti novità nel campo del gioco d'azzardo da New York. La Grande Mela ha finalmente deciso di puntare sul gioco. Questo è stato deciso dai cittadini chiamati a rispondere al referendum che si è svolto nello Stato omonimo.

Per l'ennesima volta, dunque, il gambling è una soluzione strategica per l'economia locale di uno stato, ma anche una risorsa che consente di  avviare un processo di risanamento delle casse pubbliche.

Si dichiarano molto fiduciosi sui futuri risvolti di questo risultato elettorale sia il governatore dello stato di Ny, Andrew Cuomo, che gli addetti ai lavori, i quali stanno pensando di attuare dei programmi di investimento nel territorio per creare nuove risorse.

A breve, infatti, alle 5 case da gioco preesistenti verranno  aggiunti altri sette casinò dal vivo sul territorio. Per adesso, i casinò che sono stati progettati si trovano in aree lontane dal centro di New York, come nella zona di Catskill, Buffalo e nel Southern Tier nei pressi della Pennsylvania.

E' bene sottolineare che i casinò erano stati voluti dal governatore che ha proposto di introdurre un importante emendamento con cui viene modificata la costituzione per consentire, come già è avvenuto per Las Vegas, l'introduzione delle case da gioco che servono per finanziare degli importanti programmi socialmente utili. Il 57% dei votanti si è espresso favorevolmente a tale misura contro il 43% di coloro che hanno espresso un voto contrario.

L'amministrazione del governatore dello Stato di New York, Cuomo, ha avuto lo straordinario merito di concentrarsi molto sui piani utili per rilanciare l'economia dello Stato. Il voto che buona parte dei newyorkesi hanno dato al progetto di introdurre casinò terrestri nel territorio dello Stato federato americano, può sicuramente contribuire alla creazione di nuovi sbocchi occupazionali, ma può fare decollare l'industria del turismo.

Persino l'agenzia di rating Moody's è dell'avviso che le nuove case da gioco sortiranno degli effetti di cui l'intera economia dallo Stato può beneficiare apportando dei miglioramenti anche al rating.

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