The new commercial casinos in New York State have been open for a little over a year now and reports have revealed that the gaming venues have not lived up to win expectations. The three casinos of the state have earned $230 million less than the initial revenue projections expected for the first year in operation.
According to a report at USA Today, the Tioga Downs, Rivers Casino & Resort and the del Lago Resort & Casino earned around 40% less than what was projected for the first year. Each year, residents of New York were spending around $1 billion gambling in neighboring states before the new casinos were constructed. In 2014, the state awarded commercial gaming licensing to try to keep this money in their borders. New York was already home to racinos and tribal gaming venues.
The three casinos in Upstate New York were created to try and boost the local economy and they have done so, but not in the amounts first expected. Lawmakers have noticed the problem and are hoping to use the less than stellar revenues as a way to push for online gaming legislation.
State Senator John Bonacic, feels that online gambling would give the commercial casinos ‘another tool in their toolbox to enhance revenues’. A bill for online gambling has made its way through the senate three times and the Assembly has yet to show support for such legislation. If the Assembly actually brings an online poker bill up for a vote, we could see the state eventually offer such gaming options.
New York will certainly have more competition, especially when it comes to online gambling as Pennsylvania passed legislation to go online with casino and poker games last fall. As more and more states become open to the idea, hopefully New York will get on board as well.