Superstorm Sandy Gives Casino Advocates Ammo In New York State
State Must Find Ways To Pay $32 Billion Bill
Facing a huge bill for Superstorm Sandy relief efforts, New York officials are once again looking at casino expansion to help ease some of the financial strain expected to hit the state budget, according to NYU Local.
New York Gov. Andrew Cuomo told the Wall Street Journal that Sandy will cost the state upwards of $32 billion overall, $19 billion of which is made up of losses in New York City alone.
The state will get about 75 percent of the cost reimbursed, but the hit taken by local businesses will mean less tax revenue, which will mean another hit to the state’s already projected $1 billion deficit.
Gambling advocates are using the crisis as a reason to revisit the idea of casino expansion. Officials have already met with leaders to discuss the ways in which gambling operations can help fuel tax revenue.
“The state needs money,” said New York Gaming Association President James Featherstonhaugh. “We’ve been good partners. We’re here and we’re prepared to go forward quickly.”
Cuomo himself said in January that New York could bring in an additional $1 billion annually and pushed for the state legislature to amend the constitution, which easily passed.
In the spring, the legislature will revisit the measure to determine if it will make the ballot next November. If it does, the voters will then have the power to bring more traditional casinos to the state.
Currently, there are nine racinos, or racetrack casinos, operating in the state. There are also 29,000 electronic gambling machines and various casinos located on Indian Reservations.
Superstorm Sandy devastated the North East part of the United States. Although there wasn’t much structural damage done to casinos in Atlantic City, the storm did manage to cause the worst revenue drop in the city’s history.
|1||High-Stakes Poker Player Paul Phua Arrested In Las Vegas For Allegedly Taking Bets On World Cup|
|2||German Poker Cheat Gets Three Years In Prison|
|3||Blom Wins $500K Online During World Series Of Poker|
|4||A Poker Life: Jeff Madsen|
|5||Jerry Yang's World Series Of Poker Watch On eBay|
|6||Poker Strategy -- Daniel Negreanu On Balance Versus Adaptability|
|7||Poker Strategy With Reid Young: Game Theory vs. Pot Odds|
|8||Poker Strategy With Ed Miller: Dominating Deep Cash Games|
|9||One Of Vegas' Oldest Casinos Finds Internet Poker|
|10||Poker Hand of the Week: 7/17/14|
|1||One Drop Winner Daniel Colman Didn't Talk To Media Because He Sees Poker 'As A Very Dark Game'|
|2||Pamela Anderson Divorces Rick Salomon Just Days After He Won $2.8 Million In 'Big One For One Drop'|
|3||Daniel Negreanu Had 87 Percent Of Himself In $1 Million One Drop Poker Tournament, Agent Says|
|4||Dozens Gamble On $1,000 Flips For World Series Of Poker Main Event Seat|
|5||Poker Pro Johannes Strassmann Dead At 29|
|6||Daniel Colman Wins $15.3 Million In 2014 World Series of Poker Big One For One Drop|
|7||It Appears Poker Legend Doyle Brunson Has Played His Last WSOP Main Event|
|8||High-Stakes Poker Player Paul Phua Arrested In Las Vegas For Allegedly Taking Bets On World Cup|
|9||Poker Pro Chad Brown Loses His Battle With Cancer|
|10||With Top-Two Finish In One Drop, Daniel Negreanu Takes Lead On All-Time Tournament Money List|