State senator proposes using icasino funds to bail out the New York City subway

State senator proposes using icasino funds to bail out the New York City subway

Article brief provided by US Bets
  • Mark Saxon, US Bets
February 21, 2023 8:58 PM

When New York Gov. Kathy Hochul proposed in her preliminary executive budget that revenue from future downstate casinos go to fund mass transit in New York City, some observers wondered if that was such a good idea.

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For one thing, Hochul didn’t project any earnings from the casinos to be available to the state until 2026, putting that program effectively on the slow train and leaving the cash-strapped MTA without access to those funds for three more years. It also made some people nervous about the impact on New York public education, which by current law receives 80% of the tax revenue generated by the state’s casinos.