{"id":322794,"date":"2024-06-17T13:03:56","date_gmt":"2024-06-17T18:03:56","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=322794"},"modified":"2024-06-17T13:48:29","modified_gmt":"2024-06-17T18:48:29","slug":"new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/","title":{"rendered":"Casinos Not Cure for MTA Funding Says New York Post"},"content":{"rendered":"

After Gov. Kathy Hochul (D-NY) had a surprise change of heart on a congestion tax that would have raised much-needed revenue for the Metropolitan Transportation Authority (MTA), the authority is still in need of cash. Some politicians are pitching an accelerated downstate casino approval timeline as the cure for MTA\u2019s funding shortfall, but the New York Post<\/em> says that\u2019s a bad bet.<\/p>\n

\"Seneca
New York Gov. Kathy Hochul speaks to reporters on June 7, 2023. The New York Post<\/em> is urging her to not rely on downstate casinos to solve the MTA’s funding needs. (Image: AP<\/em>)<\/figcaption><\/figure>\n

In an op-ed published Saturday, the Post\u2019s<\/em> editorial board noted the State Assembly recently passed a bill sponsored by Assemblyman Gary Pretlow (D-Mount Vernon) that, if signed by Hochul, would expedite the process of awarding<\/a> three New York City-area casino licenses. There\u2019s companion legislation authored by Sen. Joseph Addabbo (D-Queens) in the State Senate. Application fees, which are expected to be at least $500 million per license, could be helpful to the MTA, but the Post <\/em>sees it as a bad idea.<\/p>\n

The MTA may need cash, but ramming through casino deals to provide it has got to be among the worst ideas yet to come from our legislative overlords \u2014 and it has some very stiff competition,\u201d wrote the editorial board.<\/p><\/blockquote>\n

Lobbyists and gaming industry observers were optimistic that there would be movement on awarding the New York casino licenses at some point this year. But other experts caution it’s likely a 2025 issue, citing bureaucratic delays<\/a>, among other factors.<\/p>\n

Under the bills proposed by Addabbo and Pretlow, decisions on the three winning bidders could be made by the end of the first quarter of 2025 \u2013 far better than the current timeline of late 2025 or early the following year.<\/p>\n

New York Casino Process \u2018Stinks\u2019<\/h2>\n

Budget experts and climate groups alike were jilted by Hochul reversing her position on the congestion tax. Under that proposal, traditional passenger cars would have paid $15 to enter Manhattan below 60th<\/sup> Street, with fees rising to $24 for small trucks and $36 for large trucks. Motorcycles, rideshare vehicles, and taxis would have been subject to smaller fees.<\/p>\n

\n

The proposal was seen as an avenue for raising cash for the MTA<\/a> while serving the objectives of reducing traffic and air pollution in Manhattan. That would have been a moneymaker for the city and state, but now it\u2019s off the table and there\u2019s no quick fix for the MTA\u2019s capital needs — except maybe speeding up the casino process.<\/p>\n<\/div>\n

However, the process of awarding the three downstate casino licenses has been consistently delayed and widely panned by gaming industry experts, some of whom have called it a circus<\/a>. The Post<\/em> concurs, noting leveraging casinos to raise cash for public transit could be an invitation for corruption.<\/p>\n

\u201cFirst off, the licensing process stinks to high heaven: The heavy wallets of the bidders \u2014 for the licenses in question, the minimum<\/em> expected bid is $500 million on up to heaven knows how much \u2014 draw greedy pols like trash draws flies<\/a>,\u201d opined the editorial board.<\/p>\n

Post Sees Other Issues with New York Casinos<\/h2>\n

The gaming industry\u2019s biggest names are among the 11 groups competing for the three downstate permits. That\u2019s been a boon for the campaign coffers of Hochul and other New York politicians.<\/p>\n

\n

Additionally, the new gaming venues are expected to create thousands of permanent and temporary jobs while bolstering local and state collections through a variety of avenues. At least those are the selling points gaming companies and supporters in Albany are banking on.<\/p>\n<\/div>\n

However, casinos in New York aren\u2019t all sunshine and profits. As the Post<\/em> pointed out, there are no guarantees the venues will feature the glitz of casinos seen in movies and the venues could be magnets for crime, including drugs and prostitution.<\/p>\n","protected":false},"excerpt":{"rendered":"

After Gov. Kathy Hochul (D-NY) had a surprise change of heart on a congestion tax that would have raised much-needed revenue for the Metropolitan Transportation Authority (MTA), the authority is still in need of cash. Some politicians are pitching an accelerated downstate casino approval timeline as the cure for MTA\u2019s funding shortfall, but the New […]<\/p>\n","protected":false},"author":46,"featured_media":297348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,61,86438],"tags":[81897,81901,86457],"acf":[],"yoast_head":"\nNew York Casinos Not Cure For MTA Cash Needs, Says NY Post<\/title>\n<meta name=\"description\" content=\"Casinos Not Cure for MTA Funding, Says New York Post.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Casinos Not Cure For MTA Cash Needs, Says NY Post\" \/>\n<meta property=\"og:description\" content=\"Casinos Not Cure for MTA Funding, Says New York Post.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-17T18:03:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-17T18:48:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/download.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/\",\"url\":\"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/\",\"name\":\"New York Casinos Not Cure For MTA Cash Needs, Says NY Post\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/download.jpg\",\"datePublished\":\"2024-06-17T18:03:56+00:00\",\"dateModified\":\"2024-06-17T18:48:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Casinos Not Cure for MTA Funding, Says New York Post.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/new-york-casinos-not-cure-for-mta-cash-needs-says-ny-post\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/download.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/download.jpg\",\"width\":1200,\"height\":800,\"caption\":\"New York Gov. Kathy Hochul speaks to reporters on June 7, 2023. The New York Post is urging her to not rely on downstate casinos to solve the MTA's funding needs. 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Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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