{"id":577785,"date":"2024-09-18T13:15:16","date_gmt":"2024-09-18T13:15:16","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=577785"},"modified":"2024-09-18T13:15:16","modified_gmt":"2024-09-18T13:15:16","slug":"growing-political-pressure-amid-delays-in-new-york-casino-licensing","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/growing-political-pressure-amid-delays-in-new-york-casino-licensing","title":{"rendered":"Growing Political Pressure Amid Delays in New York Casino Licensing"},"content":{"rendered":"

The process to grant new casino licenses in downstate New York has faced significant delays, despite mounting pressure from politicians like State Senator Joseph Addabbo. Although the New York State Legislature approved up to three new casino licenses in 2022 with the goal of boosting the economy through job creation and tax revenue, the pace has been extremely slow. The New York Gaming Commission<\/a> recently indicated that decisions regarding the allocation of these licenses may not be finalized until December 2025.<\/p>\n

Efforts to Accelerate Casino Licensing Met with Resistance<\/h3>\n

Senator Addabbo has been vocal about his frustration with the ongoing delays, stressing that the prolonged process is costing the state both potential jobs and significant financial gains. In response, he supported legislation aimed at speeding up the bidding process by establishing earlier deadlines. His proposal sought to have casino applications submitted by August 31, 2024, with decisions made by the end of 2025. However, this timeline was missed, largely due to a lack of support from Governor Kathy Hochul, leaving the bill in limbo.<\/p>\n

Governor Hochul has shown reluctance to back the expedited timeline, with sources close to her administration suggesting that her team prefers the more extended schedule set by the state’s Gaming Facility Location Board, as reported by Spectrum News. This alternative plan allows bidders until June 2025 to submit their proposals. Some casino industry<\/a> experts agree with this longer timeframe, considering the complexity of these billion-dollar developments. Those opposing the faster schedule argue that additional time is necessary for builders to put together strong proposals, especially since some areas of New York City are still working through their zoning regulations.<\/p>\n

Addabbo Remains Optimistic Despite Governor’s Reluctance<\/h3>\n

Despite Governor Hochul’s hesitation, Addabbo, along with Assemblyman Gary Pretlow, who co-sponsored the bill, remains hopeful that she may reconsider. They continue to emphasize the immediate financial benefits of speeding up the process. For instance, granting casino licenses sooner could generate $1.5 billion in fees, providing much-needed revenue for the state. This influx of money could help offset the financial impact of other delayed projects, such as the postponement of congestion pricing in Manhattan.<\/p>\n

While there is concern over how the introduction of downstate casinos could affect existing gambling venues<\/a> upstate, proponents argue that it is time for the downstate region, including New York City, to enjoy the economic advantages that casinos have brought to other parts of the state. Initially, the legalization of casinos in New York was focused on upstate areas as a means to stimulate their economies.<\/p>\n

Competition for Casino Licenses Heats Up<\/h3>\n

The drawn-out process has created uncertainty for potential casino operators, including established racinos like MGM’s Empire City Casino<\/a> and Genting’s Resorts World. These venues, which already operate video lottery terminals, are widely seen as leading contenders for two of the three available licenses. Their existing infrastructure and customer base give them a considerable advantage over new entrants in the bidding process. If they secure full casino licenses, they could quickly outpace any new competitors.<\/p>\n

While the future of downstate New York’s casino expansion remains uncertain, political pressure is growing for a faster resolution. Whether Governor Hochul will reconsider her stance remains to be seen, but the financial and economic implications of the decision are becoming harder to ignore. For now, New York’s casino landscape continues to be shaped by both political maneuvering and the complexities of large-scale development.<\/p>\n

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CoinPoker: A Crypto-Focused Platform for Poker Enthusiasts<\/h2>\n

For poker enthusiasts who are also interested in the growing world of cryptocurrency, CoinPoker<\/a> offers an innovative mix of online poker and digital currency. This platform emphasizes the use of cryptocurrency, providing a decentralized, anonymous experience for its users. Although its primary focus is on poker, with a few sports betting options available, CoinPoker has faced challenges in appealing to a broader gambling audience. Here’s an in-depth look at what makes CoinPoker unique and whether it is a good option for poker fans.<\/p>\n

A Blockchain-Powered Poker Platform<\/h3>\n

Launched in 2017, CoinPoker set out to create a secure poker platform powered by blockchain technology. Initially, it provided free-to-play games but transitioned to real-money games by 2018, allowing players to bet with cryptocurrency. At the heart of the platform is its native token, CHP, which is used to reward users for participation. CoinPoker supports a range of cryptocurrencies, including Bitcoin, Ethereum (ETH), and USDT, all operating on the Ethereum blockchain to enhance security. The platform’s Random Number Generator (RNG) ensures fairness and prevents any form of game manipulation, offering players a fair and level playing field. Anonymity is also a core feature, with CoinPoker prioritizing user privacy and secure transactions.<\/p>\n

Endorsements and Operational Transparency<\/h3>\n

CoinPoker has gained recognition within the poker community thanks to endorsements from prominent figures, such as Austrian footballer-turned-poker player Mario Mosböck and British poker professional Patrick Leonard. The platform prides itself on being transparent and financially secure, operating under a Curaçao eGaming license. It also employs Proof of Reserves (PoR) to verify the security of player deposits. With approximately $16 million in player deposits and total reserves of $16.75 million, CoinPoker ensures it maintains a financial buffer to protect user funds.<\/p>\n

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I partnered with @CoinPoker_OFF<\/a> as an official ambassador. Alongside @padspoker<\/a> our mission is to guide the new leadership group to build the world´s best online poker room.
This huge challenge will only succeed by serving our community and we need your help on that path 🧵 1\/2 pic.twitter.com\/Fk3baV8Dqq<\/a><\/p>\n

— Mario Mosböck (@mariomosboeck) August 8, 2024<\/a><\/p><\/blockquote>\n