New York has long been pining for expansion of gambling. The state has a huge deficit, as do most states. The recession was hard on the market and more and more states are logging huge budget shortfalls. One of the most viable options to changing things though is to bring in a good gambling plan. Remember that all gambling entities need to be licensed by the states they are centered in. This means that states have the ability to charge gambling companies. Of course the number of licenses are limited but this means that they can still make a good amount of revenue from the gaming companies if they bulk up the pricing per license. In addition, the states normally also take a portion of all revenues off the top of a casino in the form of tax revenue dollars. This means that not only do gambling companies offer big licensing dollars once a year, but they also offer huge revenue every month. Overall gambling companies are some of the biggest moneymakers for states today and that is why so many legislators are pushing for gaming companies to come in and bid on properties.
Now that New York has decided to bring in casino gambling, it is the Aqueduct that will experience expansion with slot machines being brought in. The plan had a lot of support from legislators due to the overall money on the table. The winning big for the games came from Stockbridge-Munsee tribal community—a tribe hoping to bring a large casino facility near New York. The tribe is on the verge of signing a deal with Governor Patterson that would allot for space and resources to create the casino. One of the added benefits beyond money though is the addition of new job positions for locals. It is estimated that the new facility would bring in hundreds of new jobs and also provide tax revenue dollars. Getting its tax revenue from casinos would allow New Yorkers to not have to go through a hefty increase in their own taxation. This sounds like a great plan for New York and most likely it is going to change things in the state. Expect more gaming companies to petition, but the state is ready for a big change to the market.