Home NewsCasino New York casinos to be a key driver of improvements in transit

New York casinos to be a key driver of improvements in transit

71 views 2 minutes read

New York legislators have accelerated efforts to grant three new gaming licences to the New York City region, citing the fact that these casinos will generate revenues to help offset funding gaps created by the Governor Kathy Hochul’s decision to defer a congestion pricing scheme.

New York’s casino legislation is carefully crafted in order to speed up the process of licensing. The bill lays down clear guidelines to bidders and stresses the importance of meeting August’s deadline.

The state is committed to quickly resolving budget concerns of the Metropolitan Transportation Authority (MTA). This bill includes provisions that ensure the licensing process will be transparent and competitive. All interested parties have equal access to the bill.

Revenues from new casinos will be allocated to the MTA. This is an important lifeline for an organization that plays a vital role in the lives of New Yorkers. New York’s casino bill allocates money to ease the financial burden on the MTA. The MTA would be able continue to operate without having to resort to drastic measures like service cuts and fare increases.

MTA would have received a large portion of revenue from a toll proposed on cars entering Manhattan during rush hour. The congestion pricing plan has been put on hold. Casino operators are being asked by lawmakers to pay billions in order to get the desired licences.

MTA in dire straits

The MTA was not operating with a clear financial slate even before the Covid-19 outbreak. The MTA had a structural deficit. This meant that expenses were consistently higher than revenue. The estimated $750m annual gap was caused by several factors including high operating expenses and an over-reliance on fare revenues.

Pandemic struck the MTA hard financially. The MTA’s ridership plummeted, as more people chose to work remotely or use alternative transportation methods. The deficit was widened by this significant decrease in fare revenues.

Casino Reports, an independent company.

The only publication that covers the US online marketplace.

Casino/igaming Industry, featuring news, original reports, and features on the industry’s business, laws, and regulations.

You may also like

About Us

On iGamingWorld, we provide in-depth analysis, the latest news and opinions from famous people of the gaming industry.

Featured Posts