How to understand and improve your credit score in 2024

Credit is one of the most important aspects of a person’s financial life. This three-digit number affects nearly every facet of your financial life and makes it easier to achieve important milestones, like renting an apartment, buying a car, or getting a mortgage for your first home.

There are several components to credit that have an impact on you and your financial situation, so we’ve tapped the experts at Maspeth Federal Savings to help us become better informed.

In this article, we cover everything you need to know about building credit — even if you have no credit history whatsoever. In this month’s educational video, we explain what a credit score is, why it’s important to have good credit, how you can check your credit score, the factors that affect your credit score, and how to improve your credit score.

 

Q. What exactly is credit?

Technically, credit is a contract between a borrower and lender to borrow something (money, goods, or services, etc.) with the promise to pay over-time. The amount you owe is your debt to that lender. But borrowing isn’t free: It comes at cost. That cost is the interest rate the lender charges, which is the cost of borrowing.

If you want to purchase something but don’t have the cash on hand, you may be able to buy it through credit. Examples of buying through credit include:

  • “Buy now, pay later” programs like Amazon Affirm
  • Smartphone payment plans
  • Mortgage loans and rental agreements
  • Student and auto loans/leases
  • Credit cards

In essence, your credit is your capacity to borrow. That capacity is measured by your credit score—a number on a scale of 300-850 that represents how reliable you are as a borrower, i.e., how likely you are to repay what you borrow.

Think of your credit score as your financial GPA: Just as colleges use your GPA to decide on admission, lenders use your credit score to decide whether and how much they’ll let you borrow. The higher your score, the more likely they are to decide in your favor, but remember: Using credit is a privilege, not a right—no lender is ever obligated to give you credit just because you need or want to buy something.

 

Q. Why is it important to have good credit?

If you want to make a large purchase, rent an apartment, buy a house, buy or lease a car, apply for private student or business loans, or obtain insurance (basically, whenever you seek to acquire assets) lenders, insurance companies and landlords will look at your credit history and score to decide whether they will lend you the amount you want. Good credit increases your chances of getting not only approval but also a preferential (lower) interest rate. Conversely, bad credit may prevent you from getting approved for a loan.

What do lenders want to see? A person who is responsible enough to consistently take on debt and repay it in a timely manner. This is why “debt” isn’t necessarily a dirty word. In fact, having debt can be helpful: If you have zero credit history, meaning you’ve never taken on debt or you don’t have a credit account that’s at least six months old, then lenders cannot asses your credit worthiness. Without a way to gauge how likely you are to repay the debt, they might instantly decline your application for credit.

 

Q. How can I check my credit score?

Your credit score is tracked and managed by three major credit bureaus: Equifax®, TransUnion®, and Experian. You can access your report from each bureau for free weekly, which you can do easily at AnnualCreditReport.com. Check your reports once a year and look for unfamiliar entries, which may indicate fraud. You can also see your credit report for free whenever you apply for a loan. Just ask the lender to see the report they obtained from the bureau(s) they consulted.

Note there are two brands of credit scores available: A FICO® score and a VantageScore, which is just a brief summary of factors that affect your full FICO® score. Most lenders use the FICO® score to make their decisions, so go by that. Just be aware that when you’re viewing your score on sites like CreditKarma or your credit card dashboard, they’re likely showing you the VantageScore.

 

Q. How is my score calculated?

Each credit bureau has its own way of scoring based on different loan types and industries, and each lender has its own criteria when evaluating your credit report. But the key factors that affect your score and your approval include:

  • Payment history: Have you consistently paid off your debts in a timely manner?
  • Credit utilization: How much credit is available to you vs. how much do you borrow? Do you show restraint by borrowing a small percentage of what’s available, or are you constantly maxing out your lines of credit, which implies risky behavior?
  • Credit mix: The different types of loans you have, like credit cards, auto loans or mortgage.
  • Length of credit history: How long have you been borrowing and repaying debts? The longer your history, the more reliable you seem.
  • New inquiries: How many times has someone requested to see your credit report recently?

 

Q. What if I don’t have any credit history?

A long credit history increases your chances of getting a higher limit or a better loan, so start building credit as soon as possible. Here’s what I recommend (and what I did myself):

  • Become an authorized user: Starting at age 16, you can be added as an authorized user to a parent’s credit card. This can help you learn good financial habits and build credit. Please note the age requirement for being an authorized user on a credit card can vary by lender.
  • Get a student card: A special credit card designed for high school/college students. Terms may vary depending on the lender.
  • Get a “secured” credit card: You open an account with $200 and receive a credit card with that limit on it. So you’re essentially borrowing your own money but paying interest on your own money – for the sake of building credit. Make on-time payments for six months to a year until you see your score improve, then apply for a regular credit card and close this one out to get your $200 back. This is how I started.
  • Leverage your utility bills: Look into services like Experian Boost that allow you to integrate utility payments into your credit score.

Q. How do I improve my credit score?

The most important thing is to pay your bills on time. When it comes to credit cards, always pay more than the minimum amount due on your monthly statement if not the entire balance in full. If you only pay the minimum amount, you’ll still be charged high interest rates on the remaining balance.

The next thing is to aim for a credit utilization rate of about 30%. So if you have a credit limit of $1,000, cap your monthly charges at less than $300. Reaching a 90% utilization rate or maxing out your credit card implies you’re acting risky. If you absolutely must incur that extra debt due to an emergency, your score may dip temporarily but will rebound as long as you keep paying more than your monthly minimum going forward.

Additionally, don’t close out your first credit card. Use it periodically, pay it off, and keep it as long as possible. This will help increase the length of your credit history, which is the average length of each credit account you have. That also means that you shouldn’t be opening new credit cards every time a retail cashier offers you a deal at the register, because in addition to the inquiry showing up, each new account opening lowers your average length of credit history.

 

Q: What do I do if I have bad credit?

Access your credit report to find out why it’s low. Are there accounts you don’t recognize? If so, contact the credit bureaus to start a fraud investigation. Are there collections on your report? Reach out to the lenders for proof the debts are yours and ask to negotiate settlements in full or at a discount. This could be as simple as calling the billing department of a hospital and asking to claim hardship. Most of the time, lenders will work with you, but you have to ask nonetheless. In fact, this is part of what credit repair services do. They reach out to creditors to ask about settling on your behalf, which you can do on your own for free.

Once you’ve sorted your credit report, the most important thing is to continue paying your bills on time. It could take years to improve your score, but you’re on the right track.

 

Q. What are some common credit-related risks to watch for?

1. Fraud: Checking your credit report once a year is a good start, but if you’re not applying for credit or a loan anytime soon, contact the credit bureaus to freeze your account. When criminals try to open lines of credit on your behalf, they won’t be able to. When you’re looking to apply for credit again in the future, just unfreeze it.

2. Fine print. Whether you’re signing for a personal loan, an auto loan, a mortgage, etc., read the fine print. Take your time to ask questions and understand the final terms and numbers. You have the power to walk away at any point before you sign, even at the closing table. Trust your gut and don’t succumb to high-pressure salespeople or sketchy lenders.

3. Spending: It’s the best way to build credit and the best way to destroy it. Beware of spending money you don’t have and overborrowing. Avoid increasing your credit card limits or number of cards unless you absolutely need more borrowing capacity. Remember: Every swipe is a promise to pay with interest.

4. Balance transfers: Be careful of balance transfers as most are only for 1 year. After that, your balance will accrue interest at a high rate, upwards of 30%. Please note there is generally a fee between 3-5% charged by the creditor – please read the fine print.

5. Social media. While TikTok and Instagram shorts promise exciting financial strategies and payoffs, half of that stuff doesn’t actually exist—it’s just for content and you should always do your own research. Be wary of financial and real estate investment advice from social media.

Maspeth Federal Savings hosts regular financial literacy sessions at local schools and college campuses. Follow Maspeth Federal Savings on Instagram to find out when the next one is, or reach out to finlit@maspethfederal.com to request a seminar at your school or organization.

Maspeth Federal Savings does not base their credit decisions only on credit scores, they also consider other important factors from the borrowers such as debt-to-income ratio.

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Family of Win Rozario Speaks Out

By Celia Bernhardt | cbernhardt@queensledger.com

Win Rozario’s father, brother, and mother stand in front of a crowd of supporters. Credit: Celia Bernhardt

The family of Win Rozario, a 19-year-old Bangladeshi Ozone Park resident killed by the NYPD, is speaking out. 

A well-attended press conference on Wednesday, May 8 at the steps of City Hall marked the first time Rozario’s parents and 17-year-old brother, Ushto, had spoken publicly about his death. With a crowd of activists and Bangladeshi community members standing behind them, the Rozarios called for the prosecution and immediate suspension of NYPD officers Salvatore Alongi and Matthew Cianfrocco. They also said that they were “treated like criminals” by the police in the wake of the shooting, and were locked out of their home for two days. 

“The past 22 days have been hell for us,” Ushto Rozario said to the crowd. “I’m really angry and disgusted that the people that’s supposed to serve and protect us are the ones that’s killing us.”

Win Rozario was killed on March 27 after police received a 911 call about someone in mental distress at his residence. Body camera footage released on May 3 shows a rapid escalation in officers’ interaction with Rozario and his family — Alongi and Cianfrocco were in the apartment for under three minutes before they fired at the teen. Upon seeing the officers, Rozario grabbed a pair of scissors from a kitchen drawer and moved towards them. They immediately Tased him. Win’s mother, Notan Eva Costa, held onto him as the Tasers were in effect. She restrained him and stood in front of him, telling officers not to shoot. They repeatedly shouted at her to move out of their way; when she did, they immediately deployed Tasers again on Win, who was at that point standing still. While being Tased, Win again picked up the scissors and came towards officers. The officers then fired. Eva Costa ran to shield her son’s body from the police, and Ushto held onto Eva Costo to shield her. When Win was out of their embrace and standing up in the kitchen, officers again fired at him, multiple times, from the living room. 

The Attorney General’s Office is investigating the incident. 

In a May 3 statement, the NYPD wrote that Alongi and Cianfrocco remain on modified assignment — not carrying firearms or a shield. 

At City Hall, the Rozarios all demanded the officers be immediately suspended without pay, prosecuted, and fired. 

“Modified duty isn’t enough — it’s a joke,” Ushto said. “They’re a danger to all New Yorkers and I don’t want this to happen to anyone else.”

 

Ushto Rozario, Win’s brother, speaks to the crowd. Credit: Celia Bernhardt

The family also detailed what they described as mistreatment from the police immediately following Win’s death. 

“They made us go to the police station right after they killed my brother. I had shorts on and it was freezing cold outside,” Ushto said. “They didn’t even let me put clothes on.”

Ushto went on to describe the officers talking casually about their weekends while driving the family to the precinct. He said that he and his parents were treated like “criminals” when they arrived. 

“They threw us in an interrogation room,” Ushto said, “They investigated my mother for hours, even in the state that she was in…They investigated me, a minor, without my parents’ consent.”

The Rozarios said they were barred from re-entering their house for 48 hours, and were not able to retrieve their pet cat or their medications. 

“It was a rainy day,” Francis Rozario, Win and Ushto’s father, said. “They did not offer any shelter for us. We even tried to tell them that our cat was in the house alone but they did not care.” 

Ushto said his family only gained access to their house once the Justice Committee, an activist organization, requested help from the Public Advocate’s Office. 

Win’s blood had not yet been cleaned from their home, multiple speakers said. It was Desis Rising Up and Moving, another local organization, that helped sanitize the space for the Rozarios to re-enter. 

“The family is still living in the same home where Win was murdered. Win’s mother still has to cook in that same kitchen where the NYPD shot her son in front of her,” Simran Thind, an organizer with DRUM, said. “We cannot let them live and suffer in that same home that the NYPD made hell for them.”

Credit: Celia Bernhardt

The Rozarios praised Win’s character, painting a picture of a sensitive, dedicated teen. 

“He was very smart and very curious,” Francis Rozario said. “Very organized, and he had a strong sense of right and wrong. He always wanted to do what was right but did not care about getting credit for it. When we were walking on the street, if he saw litter, he would pick it up and put it in the trash.”

Ushto said his brother was “determined and disciplined.”

“When we first moved to the country, we didn’t really know what basketball was,” Ushto said. “And when we used to play basketball, people used to make fun of us on the court. So Win spent months training himself so he could be better than the people that he played with. And in a few months, he became better than the people who played for their whole life.”

Eva Costa spoke about her son’s dreams for the future. 

“Win wanted to join the military and dreamed that afterwards, he would save up to have a farm. He was very disciplined when he took exams; he would be very focused and do very well. He told us he wanted to join the military because he wanted to do something for this country. He would cook for me and help keep everything at home neat. That is who the police stole from us,” Costa said. 

“Win was quiet and polite,” she continued. “He was always helping me. When I made new handicrafts with beads, he would help me, and his face would shine because he was happy for me and happy to be with me.”

Wendy Li Wants to Be Your Surrogate Court Judge

By Celia Bernhardt and Charlie Finnerty | news@queensledger.com

Wendy Li. Credit: Charlie Finnerty

For many Queens voters, surrogate’s court judge elections might be easy to miss. In contrast to flashy city council campaigns and mayoral races, surrogate court candidates are restricted from speaking openly about political issues or directly soliciting donations. This year, New York City Civil Court Judge Wendy Li has made the race more interesting than ever with eye-catching fundraising numbers and a promise to challenge Queen Democratic Party politics. 

The surrogate’s court judge oversees estate proceedings to ensure the assets and property of deceased New Yorkers are distributed and managed properly in accordance with the law. These cases can often include custody decisions of dependents and children of the deceased. Whoever assumes the judgeship not only handles the individual cases relevant to the court, but also appoints lawyers and is responsible for the management of the offices of the court. Lawyers can secure huge payoffs processing estate cases — which is part of why the surrogate seat has historically been a hotbed of political patronage. 

Li — running as a Democrat against the Queen Democratic Party’s favored candidate — argues that she’s the right pick for those who want to change that. 

Li is a graduate of several elite universities with a background in international finance law. She first obtained a law degree from China’s prestigious Peking University before receiving a scholarship to move to the US and continue her studies at Southern Methodist University at age 28; following that, she studied at Oxford. Li worked at multiple big law firms from then on, including Squire Patton Boggs and Greenberg Traurig. 

“I did lots of international work, I did lots of finance work, and I did trust work for the legacy families of the United States,” Li explained. 

Judicial campaigns are, by state law, placed under higher scrutiny than the average political campaign. Among other restrictions, candidates are held to a higher standard of truthfulness in how they represent themselves, cannot endorse candidates in other races, cannot appeal to specific political policy preferences and — crucially —  cannot directly solicit donations or even know the identity of donors. A team of fundraisers manages the campaign’s finance in the candidate’s stead. 

Li’s campaign has seen very strong financial support, nearing $200,000 in donations, which she attributes to strong support from Asian communities in Queens.

“Right now, because we got a lot of support from Chinese communities, most of our fundraiser activities right now have been in the Chinese community. It’s mostly the friends, families, community members,” Li said. 

Li’s opponent, backed by powerful House Democrat Gregory Meeks, is Supreme Court Judge Cassandra Johnson. Johnson’s fundraising haul is unclear as of now due to the timing around disclosure requirements, but she’ll be able to transfer $13,938 from a previous campaign. 

Li frames herself as someone who can shake up the typical functioning of the Queens Democratic party machine. 

“Queens is due for something new,” she said. “So that’s why people are coming out to support the good cause.”

At the core of Li’s campaign is a promise to make the court more accessible to Queens’ diverse communities by ensuring the court’s officers include bilingual attorneys and translators.

“For me, I think it’s important that our panels are actually from all communities, not just from one community. That means we will have attorneys who might be able to speak multiple languages,” Li said. “The diversity of the attorneys, especially the diversity of the language, is very important. I want to make our bench and our attorney panel more inclusive.”

Li has attended at least two community board meetings to introduce herself thus far. At a January CB1 meeting, she was at first dissuaded from speaking by the board’s chair due to rules that prohibit campaigning at meetings, but continued on with the explanation that she was there to encourage bilingual community members to apply for court translator positions. She also attended a May CB5 meeting, where she spoke about the purpose of the surrogate court and said she aims to reduce case backlog if elected. 

Li said she feels that the surrogate court’s ability to appoint attorneys based on merit has been compromised by a tendency towards political patronage

“When I’m elected, I will open the attorneys panel to all communities,” Li said. “It’s based on the qualifications, not the political connection.”

An April Politico article threw the significance of Li and Johnson’s competition into sharp relief, highlighting the power that surrogate judges have and the role of the bench in Queens Democratic Party internal politics. Li winning the seat as an outsider to the party leadership would disrupt the party’s hold on a crucial tool of political power brokerage.

“The Queens County Democratic Organization would continue to exist if they lost the surrogate race — but it would be a shell of itself,” former congressman Anthony Weiner told Politico.

Li embraced this characterization of the race.

“There was a quote in the Politico article that this race — when I win the race — we will mark the end of an era of New York City machine politics. I think it’s true,” she said. “I think the surrogate’s court judge is by the people and for the people. The surrogate’s court should work for the benefit of the people.”

This race is not the first time Li’s candidacy has put her at odds with party leadership. During her 2018 Civil Court race, Li claims she was told by party leaders that she would not be a suitable candidate, in part because of her accent as an Asian immigrant.

“They said that I’m not supposed to run, I speak English with an accent, I was not born in the United States. ‘It’s not your turn, you’re not supposed to run,’” Li said. “It’s a democratic society. The individual should be given the opportunity to run.”

The Queens Eagle recently reported that Li’s name appeared on certain ballot petitions alongside that of Hiram Monseratte, a district leader running to fill the seat of longtime Assemblymember Jeffrion Aubry who announced his retirement this year. Monseratte was expelled from his State Senate seat in 2009 after being convicted of a misdemeanor assault charge and later served time in prison for federal corruption charges. Monseratte, positioned as an outsider, is running against Aubry’s pick for the seat, Larinda Hooks. Li acknowledged that one of her campaign consultants appeared to be helping Monseratte’s campaign, but said she had no direct affiliation with Monseratte. 

“I do work with a political consultant who also, I believe, is helping Hiram,” Li told the Queens Ledger. 

Still, Li seemed to express some alignment with the embattled district leader. When asked what she thought of Monseratte, Li said that “everyone deserves an opportunity to run for the position they want to.” 

“Like the Politico article says, when people have choices, everybody wins,” Li said — referring to a quote from Monseratte himself in that article.

New JFK Terminal Six Passes $2.3 Billion in Contracts for Minority and Women-Owned Businesses

US Representative Gregory Meeks speaks about the important to private and public partnerships. Credit: Jean Brannum

By Jean Brannum | jbrannum@queensledger.com

On the walk from the Air Train to Terminal Five, visitors at JFK Airport can get a glimpse of the upcoming new Terminal Six. At this point, you won’t see or hear much except a steady banging sound and a dusty construction sight surrounded by a chain-link fence.

But in Building 111, a crowd of business executives, investors, and community leaders celebrated the $2.3 billion in contracts for Minority-and-Women-Owned Business Enterprises (MWBE) that are part of the new Terminal Six and the progress on construction. This project is one of five to create a new and improved JFK Airport

The Port Authority surpassed its goal of 30 percent of participating businesses being MWBEs, beating LaGuardia Airport for most MWBEs in an airport. At this point, more than 200 local businesses are part of the project to build a better terminal. 

There are upcoming opportunities for local businesses to sell their products in the new terminal. This summer, three retail or pre-packaged food businesses will have the opportunity to sell their products in the 60,000-square-foot shopping facility to open in 2026. There will be two more spots to open in 2028 as part of phase two. Many of the already-confirmed businesses are local and will be announced later, according to Steven Thody, interim CEO of JFK Millennium Partners (JMP). 

Thody said that the new terminal should give visitors, whether they are coming to the city or passing through, a taste of New York City culture. He was previously part of the revamp of Terminal B at LaGuardia, which was the first terminal in North America awarded five stars by Skytrax.

“We want people to feel like they are in New York City here,” Thody said in a separate interview.

The building of the terminal has been an effort of private companies, the Port Authority, residents of southeast Queens, and community leaders, including Congressmen Gregory Meeks and Queens Borough President Donovon Richards Jr. 

In his speech, Meeks highlighted the importance of private and public partnerships, saying that tasks are completed when the government works with corporations. 

Community leaders and company representatives gathered to celebrate the progress on the new Terminal Six at JFK. Credit: Jean Brannum

“Building a new airport from the ground up is a team sport, and we would not be here today without our terminal developers, without our strong partnerships with a multitude of private companies,” said Port Authority Executive Director Rick Cotton recognizing the multiple elected officials and company executives standing next to him.

Residents near the airport deal with constant plane noise and traffic, the borough president said. Members of the community contributed to the terminal project, many of them crowding the room in Building 111. 

A terminal of technological and sustainable development

Thody said the terminal will be equipped with the latest technology to improve passenger experience, including AI. Terminal six will use AI to provide insight into everything from concessions to security, then use that information to improve efficiency and avoid slowdowns caused by a high passenger volume.

Technology will decrease energy use by improving automation in baggage handling. Conveyer belts that used to continuously run to funnel bags between checkpoints, will now only run when sensors recognize a bag needing transport. 

The terminal will also use solar power to decrease its carbon footprint. This project is not related to the recently-announced solar panel canopy that covers the parking lots, but there will be 6,000 solar panels powering Terminal Six. The thirty oval-shaped skylights bring much-needed natural light to the inside of the building, which cuts down the need for electrical light. The skylights will be coated in a film that keeps heat from the sun out as well to reduce the need for air conditioning in the warmer months.  JMP is pursuing several sustainability certificates, including LEED certification. 

The first resident airline will be the Lufthansa group, which includes Swiss International Airlines, Austrian Airlines, and Brussels Airlines. More airlines are to be announced soon. The new terminal is set to open with ten gates total. The first five gates will open in 2026. 



Throwing Around Money Won’t Guarantee Cohen Gets His Casino

Citi Field. By Ajay Suresh from New York, NY, USA – Citi Field, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=81588411

From his time as owner of the New York Mets, Steve Cohen can vouch for the fact that throwing a lot of money at a problem is no guarantee of success. The Mets have invested millions in superstar players to boost his team’s chances of winning the World Series and it hasn’t paid dividends.

For example, in recent years, he brought in two Cy Young Award-winning pitchers in Max Scherzer and Justin Verlander, only to see it fail spectacularly.

Cohen appears to be willing to take the same approach in his bid to land a retail casino to be situated next to Citi Field in Willets Point. Just a couple of months ago, Cohen sought to sweeten his bid by throwing some cash at it.

Cohen’s Point72 Asset Management put forth a proposal for a $1 billion boost that would be part of the $8 billion investment designated for the creation of Metropolitan Park on the 61 acre area.

The overall plan would include the usage of 20 acres of park space and five acres of public fields. The $1 billion is being pledged to making commitments to community investment for the area.

The community investment component would feature health care investments, legal aid for immigration and programs for both youth and senior groups.

“We have learned through three years of conversations with the people who live and work in Queens that serving the interests of the communities surrounding Citi Field must be at the center of this project,” Cohen said in a statement. “Committing over $1 billion in benefits and transit improvement is critical to achieving a shared vision for the area we can all be proud of.”

According to a report from QNS, the community investment would feature a $10 million investment into a health clinic in East Elmhurst. A similar amount would be designated for a youth and senior center in Corona. As well, the plan calls for $5 million to be spent on an addiction and mental health counseling center that would be located in Flushing.

The plan is getting the backing of both the Queens Chamber of Commerce and the Variety Boys & Girls Club of Queens.

“We’re taking input from everybody and looking for great ideas,” Cohen told Bloomberg News.

Cohen Promising Much More Than A Casino

Currently, the area upon which Cohen and his casino business partner, Florida-based Hard Rock International, the gaming partner of the Seminole Tribe, hope to build their casino is designated as parkland. It would be necessary for that designation to be removed in order for the area to be used for some other entity, such as a casino.

In reality, the land is nothing more than a parking area for Citi Field. However, Cohen’s desire to turn this parking lot into a casino paradise is facing significant opposition from the locals.

Steve Cohen. Wikipedia photo by JetSetJeri2.

Recognizing that solely looking to build a casino wasn’t going to sit well with local residents, Cohen is seeking to present a vision of upgrades to the area that would prove beneficial to residents who don’t want to be spending any time inside a casino.

These options include developing new parks and creating open green spaces for public use. Cohen also wants to see improvements made to local public transportation. He’d like to be able to create better access to the area waterfront by enhancing the availability of walking and cycling paths.

They are also promising the creation of more than 15,000 jobs in the area. “With competitive salaries and benefits and life-long careers,” Hard Rock chairman Jim Allen told Casino.org.

Addabbo A Backer Of Resorts World

Queen’s State Senator Joseph Addabbo, chair of the Racing, Gaming and Wagering Committee, is a key mover and shaker in the betting industry for the Empire State. He was a major driver in the legalization of online sports betting in the state.

However, he hasn’t been able to push the legalization of online casinos in the state, and the awarding of three licenses in the New York City area for new retail casinos is also proving to be a slow-moving project. However, there are still online options available to New York bettors such as Bookmaker USA.

Addabbo is said to favor further development of the current Queen’s retail casino, Resorts World New York City. He doesn’t represent the area upon which the Citi Field location is situated. That would be State Senator Jessica Ramos, a Democrat who isn’t viewed as being as pro casino as Addabbo. She’s stated in the past that she’s not in favor of the removal of the parkland designation from the area Cohen is seeking to develop.

Cohen’s group is among 11 different casino entities chasing the three available licenses. In October, questions from the public were submitted to the Gaming Facility Location Board. That group is controlled by the New York State Gaming Commission (NYSGC). They have yet to publicly reveal the answers to those questions from the casino bidding groups.

From the Cohen/Hard Rock group’s point of view, the delay must be of some relief. It’s giving them time to get the parkland designation changed on the land they wish to develop for their casino site. Bally’s in the Bronx is in need of a similar change to move their bid forward.

At this stage, it appears that whichever of the bidders for the three available New York retail casino licenses are ultimately successful, their reward will be coming later rather than sooner. Industry insiders are already speculating that the process will be extended into 2025 before everything is settled.

Fueling this speculation is the fact that Gov. Kathy Hochul’s 2024 budget doesn’t include the potential revenue that the state would be receiving from the licensing fees the winning bidders would be paying to the state. And that budget runs through the end of March 2025, so even the finalizations of casino plans by the end of the first quarter of next year seems unlikely.

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