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New York lawmakers have proposed legislation that, if passed, has the power to legalize three Las Vegas style land casino resorts in upstate New York, thus legalizing casino games such as poker and blackjack.
Currently, poker and blackjack are illegal in New York. Only an amendment to the constitution can legalize them, and this amendment can be made only if two successive legislatures approve it and a referendum is introduced. If the legislation gets the approval of the second legislature, it could be put up for voting early this fall.
The legislation also includes lower tax rates of 25 percent for casino businesses. Currently, New York’s nine racinos, which are a combination of casinos and race tracks, pay over 60 percent of their revenue in taxes, the highest rates throughout the US.
If the new laws are brought into effect, no casino will be allowed to operate in downstate New York for a period of five years after the launch of the first upstate casino. Besides, casino operators eager to get one of those three licenses are required to pay a $50 million fee.
According to the governor of New York, the proposed new tax rate is designed to maximize the revenue-generation abilities of these three casinos.
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