State officials have finalized the New York State budget for fiscal year 2024. And it will direct the initial money earned from the three available downstate casino licenses to help fund the Metropolitan Transportation Authority (MTA).
Once the New York State Gaming Commission (NYSGC) determines which three NY casinos applicants will be chosen to move forward with their projects, each must pay a $500 million licensing fee and a minimum $500 million investment.
All $1.5 billion made from licenses will go to MTA funding, along with a share of an estimated $231 million to $413 million in incremental annual tax revenue.
Had the MTA failed to receive funding, officials warned of cutting down subway, bus and commuter railroad services. So getting the much-needed cash is a positive, but the MTA won’t receive the cash anytime soon.
