Job creation and construction spending exceed expectations

New York’s new casinos post disappointing figures

Till date, New York has collected USD 50.2M from the three gambling venues.

United States 
| 10/08/2017

The state’s three new commercial casinos are generating much weaker gambling revenues than projected, with gross receipts at one gaming hall off about 40%.

Till date, New York has collected $50.2 million from the three gambling venues, industry officials revealed Wednesday. However, they did not specify how much tax revenue the state had expected to get from the three casinos this year.

Despite the poor results, state officials pointed out that job creation and construction spending have exceeded expectations.

"The full amenities are not yet open," said Robert Williams, executive director of the New York State Gaming Commission.

When real estate developer Jeff Gural, owner of Tioga Downs Casino in Nichols, campaigned for a casino license, he projected the first year's taxes to the state would be $32 million. So far he has sent just $13.3 million in taxes through the end of June, but expects a new hotel opening in November will boost that figure.

"I think the market is saturated and we’ve got a lot of work to do to get the revenues where they need to be," commented Gural.

Gross Gaming Revenue in Schenectady, where Rush Street Gaming opened Rivers Casino & Resort in February, has reached $56.8 million through June 30. It projected $223 million a year in revenue by 2019.

Del Lago Resort & Casino in Tyre, near Rochester, posted $63.1 million in gross revenues in the five months since its February opening, on track to be down 42 percent from its projected $263 million in annual revenues in its first year.

Resorts World is slated to open a fourth casino in the Catskill Mountains town of Thompson in March 2018.

Yogonet.com/reuters.com

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