ShareNew Yorkers have been able to enjoy commercial casino gaming for eight years, and the industry's total revenue in that time is now over $4 billion.
The success of these operators has increased the urgency to grant three downstate casino licenses that could lead to the legalization of online casinos.
The multi-billion dollar American online betting industry is worth billions of dollars every year, but legislation differs by state. While New York passed legislation to allow online sports betting, online casinos are still prohibited. This forces many New Yorkers to search for offshore alternatives.
Gambling expert Kane Pepi explains how licensed offshore betting sites can offer a secure way for citizens in states where online betting is prohibited can safely play. Consumers can also explore the best no-KYC casinos for additional levels of anonymity.
The benefits of legalizing casino gambling in New York will include greater protections for consumers. Many offshore casinos are licensed in other jurisdictions and run reliable and legitimate operations, but New York regulators can't ensure these operators stick to code.
The state also loses out in millions of dollars in tax revenue with online bettors sending their money abroad. But things could change soon in New York as the state has already shown itself to be open to change.
One such development could be under threat from the innovative High Line public park. The High Line is built on 1.45 miles of abandoned rail line and its elevated platform gives a unique perspective of the city.
Located in Manhattan and opened in 2015, the park welcomes millions of visitors every year but plans for a new casino development on the Far West Side of Manhattan have upset the nonprofit Friends of the High Line.
The Hudson Yards development was proposed in February and would see the development of the rail yard with an apartment tower, office building, public school, and casino.
The project, which could be completed as early as 2030 if planning permission is granted, also includes a podium for the casino and 1,750 room hotel skyscraper.
The biggest fear for park enthusiasts is that the site will block views and impact the experience of visitors.
The casino project is being led by Wynn Resorts and Related Companies who are a long-time supporter of the High Line group, having donated millions since it opened.
The groups have met several times to try and work out a deal, with the developer changing plans to include a 5.6-acre area of green space for public use.
As well as generating millions in tax dollars, the new development will also bring significant employment to the area during construction and after it is completed.
The High Line Park is also a valuable asset for the area with a 2019 report conducted by HR&A showing that it helps to generate $50 million in spending.
With three state licenses up for grabs, developers are keen to get as much backing for their proposals as possible with a six-person panel being chosen to approve the winning bids.
The High Line Group has stated that it does not have a problem with the area being developed. However, the proposed podium could be as tall as 200 feet, blocking a significant part of the High Line's view.
With 11 bidders battling it out for just 3 licenses, the proposals have to prove their worth. The estimated cost of this development would be around $12 billion, with tens of thousands of construction jobs being created.
The winning bids are set to be announced by the end of 2025, and it would still be several years before the casinos are operational meaning New York bettors will have to continue with offshore and crypto gambling alternatives.
