Ka-ching!<\/p>\n
The MTA has hit the $1.5 billion jackpot, thanks to the state collecting massive fees dedicated to mass transit from each from three bidders awarded casino licenses<\/a>.<\/p>\n Each of the three winning bidders are required to pony up a $500 million upfront <\/a>license fee for the privilege to operate a casino.<\/p>\n The MTA has hit the $1.5 billion jackpot, thanks to the Big Apple recieving $500 million each from the three bidders awarded casino licenses, as the proceeds will be invested in mass transit. AFP via Getty Images<\/p>\n Under state law, the money is redirected to the Metropolitan Transportation Authority to fund the operations of its subway and buses and commuter rail lines.<\/p>\n Mets owner Steve Cohen, in tandem with gaming partner Hard Rock, have delivered the $500 million fee to operate a \u201cMetropolitan Park\u201d casino complex near the team\u2019s ballpark in Willets Point, Queens.<\/p>\n Bally\u2019s also cut a $500 million check for the right to build a casino at the former Trump golf course Ferry Point, in The Bronx.<\/p>\n The combined $1 billion has already landed in MTA coffers, the state Gaming Commission said.<\/p>\n \u201cIt\u2019s the largest MetroCard swipe in history,\u201d quipped Bally\u2019s chairman Soo Kim.<\/p>\n Then he corrected himself, noting that the MetroCard has been replaced by the OMNY smart card.<\/p>\n \u201cIt\u2019s the largest OMNY tap in history,\u201d he said.<\/p>\n New York State law states that the money will be redirected to the MTA to fund subway operations, along with supporting bus and commuter rail lines. Dennisthephotog.com<\/p>\n \u201cI ride the subway all the time. It\u2019s for a good cause,\u201d added Kim.<\/p>\n Resorts World, which operates the slots parlor at Aqueduct and won a license to offer live table games, is in the process of delivering another $500 million earmarked for the MTA\u2019s operating budget, bringing the total haul to $1.5 billion.<\/p>\n \u201cHard Rock Metropolitan Park and Bally\u2019s Bronx have each remitted $500 million for their respective license, which have been transferred to the MTA,\u201d said Gaming Commission spokesman Brad Maione.<\/p>\n \u201cResorts World New York City is in the process of completing paperwork necessary to make their remittance and committed to making such payment by the statutory deadline of January 15, 2026,\u201d he said.<\/p>\n Gov. Kathy Hochul and the Legislature earmarked casino funds to the MTA after ridership and revenue plummeted during the COVID-19 pandemic.<\/p>\n A spokesperson for Gov. Kathy Hochul noted, \u201cWith these investments, millions of riders have better service, record levels of safety, and faster commutes.\u201d Christopher Sadowski<\/p>\n \u201cTransit riders are hitting the jackpot thanks to the historic funding Governor Hochul secured to rescue the MTA from its post-pandemic fiscal cliff. With these investments, millions of riders have better service, record levels of safety, and faster commutes,\u201d a Hochul spokesperson said.<\/p>\n The MTA just raised the subway and bus fare a dime from $2.90 to $3 <\/a>and charges motorists a $9 congestion toll<\/a> to enter Midtown Manhattan and delivery trucks up to $21.60.<\/p>\n Transit riders and motorists aren\u2019t happy about that, though the fare increase could have been higher without the casino revenue, advocates argued.<\/p>\n The MTA Financial Plan already assumes license and gaming tax revenues of $500 million in both 2026 and 2027, $600 million in 2028 and $200 million in 2029.<\/p>\n An MTA spokesperson noted the largest expense in the agency\u2019s $21.3 billion budget is the $12.97 billion in labor costs that includes payroll, overtime, pension and other benefits.<\/p>\n But one lawmaker said the casino revenue should be used to lower fares and the congestion toll.<\/p>\n \u201cThe $1.5 billion in casino revenue is more than what\u2019s raised from congestion pricing,\u201d said state Sen. Joe Addabbo (D-Queens), chairman of the Committee on Racing, Gaming and Wagering.<\/p>\n \t\t\t\t\t\t\tStart your day with all you need to know\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\tMorning Report delivers the latest news, videos, photos and more.\t\t\t\t\t\t<\/p>\n \t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n \u201cWe hope to see this revenue used to ease the burden on riders. We hope we can see fewer fare hikes. The MTA could restructure the congestion pricing fee. It\u2019s a discussion we should have.\u201d<\/p>\n Transit advocates applauded the casino license fees being dedicated to the MTA.<\/p>\n \u201cThis is money going to good use. It benefits everybody,\u201d said Danny Pearlstein, spokesman for the NYC Riders Alliance.<\/p>\n","protected":false},"excerpt":{"rendered":"Ka-ching! 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