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Casino Gambling Agreement Could Impact NY Real Estate

ALBANY-The New York State Legislature introduced a landmark agreement to begin the process of amending the state’s constitution to allow casino gambling. REBNY’s Steven Spinola says the legislation could affect development in Queens and Coney Island.

By Jacqueline Hlavenka | Updated on March 16, 2012

ALBANY-Faced with competition from New Jersey and Connecticut, the Empire State is placing its chips on the gaming industry. The New York State Legislature has introduced a landmark agreement to begin the process of amending the state’s constitution to legalize casino gambling, a move that could spur new commercial real estate development throughout the state – just not in Manhattan.

Both Gov. Andrew Cuomo and assembly speaker Sheldon Silver (D-Manhattan) have opposed the development of casinos in the borough, citing that casinos should be used as “regional redevelopment” tools in other areas of the state, media reports show.

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