With Covid-19 creating havoc with the economy, New York Yankees Team President Randy Levine sees a partial answer in approving more casinos in New York City as well as mobile sports betting. Levine, writing in Empire Report, an online news site, said such moves could help alleviate budget shortfalls.
Most analysts credit New York City bettors for 25 percent of New Jersey’s sports betting handle, according to Casino.org, taking revenues away from New York State. Casinos in New York City would also produce jobs in addition to revenue, Levine said.
Governor Andrew Cuomo indicated the state needs $30 billion over the next two years. Cuomo wants the feds to make up the difference rather than lobby lawmakers for new revenue. Faced with a $9 billion hole in New York City, Mayor Bill de Blasio threatened to reduce the city workforce if it can’t fill the deficit.
Former Governor David Paterson said last month in an op-ed in the Albany Times-Union that issuing licenses to three downstate casinos could bring an immediate $1.5 billion to state coffers.
Right now, the only city casino is Resorts World Casino New York City at Aqueduct Racetrack in Queens.
“As New York now begins its recovery, we are proud to continue to provide critical support so that kids across the state have access to a higher-quality education, and we are ready to step up and elevate that support in both the short- and long-term for the state,” said Bob DeSalvio, president of Genting Americas East, which owns the property.
During a gaming industry conference held November 30, New York State Senator Joseph Addabbo and Assemblyman J. Gary Pretlow, rekindled hopes that online sports betting could be approved by the end of the year to help close the budget shortfall.
“My colleagues know that we need the money and there will be revenue deficiencies next year compared to this year, so I don’t think it’s a hard sell for the cause of tens of millions of additional revenues,” Pretlow said.
Speaking during the Betting on Sports American Digital conference, Pretlow said both the Assembly and Senate will include sports betting initiatives in their 2021 budget proposals if the measure fails to pass this year, according to Action Network.
Elected officials will have three months to decide on what will surely be a drastically curtailed budget. Cuomo called for a proposed $10 billion spending cut, including a 20 percent reduction in education funding.
“This could go some way, I wouldn’t even say a long way, but it could go some way back to our education system and providing funding for our young people,” Pretlow said.
Cuomo has dismissed sports betting as an insignificant revenue opportunity for the state, despite the billions wagered annually in New Jersey. Online casino gaming or real money poker has also attracted little interest from Cuomo.
Addabbo said lawmakers wish to avoid a veto situation should a mobile sports betting bill be approved.
“Once you override a veto, the governor is not going to look at sports betting very favorably at a time when we really need the revenue and educational funding,” Addabbo said.
Addabbo, as well as the state’s casinos, largely support a single-skin or license for each betting partner. This could aid in convincing Cuomo. Pretlow favors a multi-skin model similar to New Jersey. A single-skin model could shut out some top operators, hindering the potential.
