Casino referendum would generate $430 million annually, Cuomo’s office says

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Allowing four casinos in upstate New York would generate $430 million in annual revenue for the state, according to an estimate Wednesday from Gov. Andrew Cuomo’s budget office.

The estimate marks the first time the Cuomo administration has put a dollar amount on the impact of the Upstate New York Gaming and Economic Development Act, which would allow a total of four casinos to be sited in the Catskills, Southern Tier and the Capital Region along with 2,000 video lottery terminals on Long Island.

The casinos, however, are contingent on whether voters approve a change to the state Constitution in November. Cuomo was a major supporter of the casino bill, which he says would help bring downstate tourists further upstate.

“The Act would result in new revenue for all regions of the State,” Cuomo’s budget division wrote in its estimate.

If the constitutional change is approved, the casino-siting law would require an up-front franchise fee from private casino developers, as well as a state cut of slot revenue.

Of that, 80 percent would be allocated education aid or property-tax relief and 10 percent would go to the counties and municipalities that host the casinos. The remaining 10 percent would be slated for nearby counties.

The ballot referendum was the subject of a lawsuit Tuesday, which challenges whether its rosy language touting the potential for education aid and property-tax relief should be put to voters.

Earlier this week, a group of union leaders and business groups joined together to form New York Jobs Now, a coalition supporting the referendum. The group is expected to fund an advertising push ahead of the Nov. 5 vote.

Via Cuomo’s budget office, here’s a county-by-county breakdown of the estimated casino revenue:

Casino Breakdown

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5 Comments

  1. And it’ll probably drain $600 million out of our local ecomonies. The monies got to come from somewhere and it isn’t going to flow from out of state. They have plenty of casinos closer to home.

    And I’d like to know where does all the lottery money go to? Wasn’t it supposed to fund education? That hardly seems the case or someone would be blowing their horn about it.

  2. NO Wool Over My Eyes on

    Casino’s unless located in the 50 – 100 miles out in middle of nowhere will will destroy communities. as a person who spent a lot of summers in the sixties at my Grandmothers beach front home I can testify to the fact that same once beautiful area was devistated by casino’s and the crime it brought in, Tax increases forced homeowners off their properties and casino’s got them for parking lots. Prostitutes and drugs were everywhere, You could get a hooker and some coke for twenty bucks.

    The casino taxes collected in NYS will do nothing to mitigate problems where the casinos are located as the taxes will all go to NYC and all the crime will stay upstate. Cuomo doesn’t care about Elmira NY – Conklin NY-Binghamton NY- Syracuse NY as far as he is concerned we don’t exsist and the only true opportunity for upstate NY “The Natural Gas Industry” has been held at bay by Albany and Cuomo going on 5 years. while a Small population like that of Halstead PA gets tax rebates from the PA goverment in anounts of 340 million dollars because of collected drilling fees they are improving fire & police departments, Building New Hospitals, reducing taxes on land owners without any envirionmental impact from the drilling itself.

    Meanwhile in Upstate NY we have paid protestors who hire internet savy collage kids to hijack the information highway brainwashing our residents into thinking the natural gas they have depended upon for over 100 years is the blood of satan through fear mongering and lies spoon fed to us from hollywood greenies who have allowed fracking in their home state of california.

    Cuomo needs to cut the bullchit and open up upstate for real opportunity and good paying jobs drilling would bring and hey… maybe then the only ones who could afford a trip to a casino wont be a welfare family from the city who sold his food debit benifits for pokr chips

  3. Rockland Taxpayer on

    So much bullchit from these casino goons and the politicians who support them. Cant believe a word of it