New York Gaming Regulation: Concerns Over Board Chair Experience
The New York Gaming Facility Location Board is currently evaluating eight applications for new downstate casinos. However, a notable point of contention has arisen: the chair of this five-member board, Vicki Been, has never set foot in a casino. This raises questions about her perspective and ability to guide the board in making informed decisions regarding the three coveted gaming licenses up for grabs.
Board Composition and Responsibilities
As outlined by the New York State Racing, Pari-Mutuel Wagering, and Breeding Law, the Gaming Facility Location Board is mandated to consist of five members, including a chair. Currently, the Board operates with one vacancy as it considers multiple bids submitted by leading entertainment companies, including Evolution AB, Bally’s Corp., and MGM Resorts.
Challenges in Board Functionality
Since its establishment in 2014, the Board has experienced significant turnover, which has affected its efficiency. With the application deadline having just passed on June 27, the Board’s lack of a full complement poses a potential risk of deadlock as it evaluates the proposals.
- Number of applications received: 8
- Required members on the Board: 5
- Current members: 4
Understanding the Role of the Chair
Vicki Been, appointed in October 2022, is indeed the longest-serving member of the current board. With a distinguished career at New York University, she specializes in land-use policies and urban development:
- Judge Edward Weinfeld Professor of Law at NYU School of Law
- Affiliated professor of public policy at NYU Wagner Graduate School of Public Service
- Faculty director of NYU’s Furman Center for Real Estate and Urban Policy
While her educational background is impressive, her admission to Bloomberg that casinos are “nowhere I want to spend my time,” coupled with her lack of personal casino experience, raises eyebrows about her suitability for the role.
Other Board Members
The responsibilities of the Board are considerable, particularly as they relate to the ongoing review of proposals, which involve substantial investments from major gaming companies. The other board members include:
- Terryl Brown: Appointed February 2023, Vice President and General Counsel at Pace University.
- Marion Phillips, III: Senior Vice President for Community Development and DEI at U.S. News & World Report.
- Greg Reimers: A retired finance executive with extensive experience in real estate banking.
The role of the Gaming Facility Location Board is integral to determining the landscape of gambling in New York, especially as community impacts and financial implications are weighed. The eventual decisions made could reshape the gaming environment for years to come.
The Importance of Expertise in Decision-Making
New York’s gaming authorization law emphasizes the necessity for members to possess not just residency in the state but also a wealth of experience in relevant fields, including finance, economics, and real estate. This helps assure that critical decisions are made with informed perspectives:
- Minimum 10 years of expertise required
- Candidates must have significant knowledge in: accounting, finance, economics, and commercial real estate
Conclusion
As the New York Gaming Facility Location Board moves forward with its deliberations, the implications of leadership experience and decision-making qualifications are more critical than ever. The selection of casino operators will significantly influence New York’s gambling landscape, and the board’s eventual choices will reflect on the balance of investment, community needs, and the insight of its members.
Summary: The New York Gaming Facility Location Board is currently evaluating applications for new casinos in downstate New York. However, its chair, Vicki Been, has never visited a casino, raising questions about preparedness. The Board’s composition and the experience of its members are crucial as they navigate the potential impacts of these gaming licenses on community dynamics and state revenue. Stakeholder interests, especially from major enterprises seeking to invest, will significantly shape the decisions made by the board.