The fledgling public transportation system needs casinos to fund its operations
Lawmakers in New York are awaiting the final decisions on three New York City casino licenses to try to regain Metropolitan Transit Authority (MTA) funding that was lost when Gov. Kathy Hochul postponed her congestion pricing plan.
The MTA was set to receive most of the revenue generated by the Manhattan tolls. However, legislators are now proposing using funds from casino operator licenses to close the funding gaps. A bill proposed to speed up the licensing process must be passed by the NY Assembly and the Senate before Gov. Hochul endorses it.
“We have to bring the casino deals to fruition — the MTA needs the money,” said Assembly Racing and Wagering Committee Co-Chairman Gary Pretlow, who co-sponsored the bill to have a faster licensing process.
“The governor could open the bidding process right now, and that could help the MTA,” said Pretlow. Sen. Joe Addabbo states that New York could collect “$2.5 billion to $3 billion just from the casino licenses.” Those funds would replace the estimated $1 billion annually MTA would’ve received if Hochul hadn’t stalled congestion pricing.
Hochul said she decided to delay the toll due to inflation. It would have charged a $15 toll for passenger vehicles to enter specific areas of Manhattan during peak traffic times. “A $15 charge might not seem like a lot to someone who has the means, but it can break the budget of a hardworking or middle-class household,” cited Hochul. “It puts the squeeze on the very people who make this city go.”
Bidders must submit their casino plans by the end of August 2024 under the casino licensing bill.
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
