Three new casinos planned in Upstate New York have paid $151 million in licensing fees that are being split among municipalities where the gaming facilities are being built, Gov. Andrew Cuomo said Tuesday.
The money is coming from new casinos the New York State Gaming Commission approved for the Town of Thompson in Sullivan County, Schenectady in Schenectady County, and Tyre in Seneca County. Eighty percent of the licensing fees are earmarked for statewide educational aid with the remaining going to the host municipalities and 20 nearby counties. Cuomo said the funding distribution is based on casino gaming revenue outlined in the Upstate New York Gaming and Economic Development Act of 2013.
"This funding will help counties and local governments provide essential services to their residents as well as work to reduce their tax burden," Cuomo said in a statement. These destination resorts will help drive more tourism and economic development dollars upstate and, with these payments, local governments are already seeing the benefits of these projects."
Moody's Investors Service said in a December 2014 report that the three gambling facilities in upstate New York would be a credit positive for the affected municipalities, bringing new jobs, casino host fees, sales tax growth and property tax expansion. Moody's said new revenues may be offset by funds required for infrastructure improvements, boosts to public safety and increased northeast regional gambling competition.
