Nevada taxes gaming revenue at a maximum 6.75 percent.ĭeCree said companies interested in a New York gaming license include Las Vegas Sands Corp., MGM Resorts International Wynn Resorts Ltd. Those tax rates are among the highest in the nation. “The slot and table tax minimums are expected to be set at 25 percent and 10 percent, respectively, but will ultimately be determined by a competitive bidding process similar to the mobile sports wagering licensing process.”ĭeCree, in a report to investors issued Monday, said taxes collected on gaming revenue would fund education and horse-racing purses, regardless of what tax rate is decided.

“The legislation sets a minimum license fee of $500 million but gives the New York State Gaming Commission the option to accept higher bids,” said Las Vegas-based John DeCree, senior analyst with CBRE Equity Research. Kathy Hochul and state legislative leaders fast-tracked the licensing of new casinos last week, they revived interest in the state’s expansion of casino gambling in one of the most densely populated areas in the country.

Several Las Vegas resort companies are expected to vie for a license to open a casino in or near New York City. Kathy Hochul talks with reporters about the state budget at the state Capitol, Monday, April 4, 2022, in Albany, N.Y.