3 New York Casinos Finally Get Licenses To Expand After Years Of Rejection

By Debra SaundersGoogle
The expansion process seen is advanced as there are nine track casinos and 5 traditional casinos have moved on, than the neighboring Massachusetts.

Even with positive expectations, the 3 New York Casino Licenses given were gotten after unanimous approval was gotten from the State Gaming Commission for the gaming resorts. The casinos resort with the licenses boast performance centers poker rooms, restaurants, hotels and slot machines that will not only generate thousands of jobs, but also add into tax revenues being collected for state use.

Ownership and Location

With the approval of the 3 New York Casino licenses the construction is expected to take place just outside Monticello. This will be a part of the $1.3 billion resort taking place on the grounds used to house the Concord Resort. The Rivers Casino also got a license worth $300 million that will feature a 60-acre waterfront site, Schenectady next to Albany. The last of the three license was awarded to none other than Lago Resort & Casino, amounting to $425 million.

Opening dates and revenue and competition

With the 3 New York Casino Licenses given the new casinos being build are expected to be operational by 2017. However the downside is the fact that with opening states opening more casinos and gambling dens, the competition is extremely stiff as not many people will be crossing states to go play in New York. The report comes about as noted in Atlantic City which has suffered massive revenue losses from its previous peaks in 2006 to lower than half.

However with the reports and competition seen from other states, New Jersey is also considering addition another two casinos in the Northern part of its state.

This coming after the three New York licenses have been given, making an already competitive market tense. Peter Trombetta who is an analyst working with Moody’s Investors Service on the matter stated, “With new casinos taking a market share from the existing casinos, the atmosphere was bound to happen here like everywhere else”.

Mr. Trombetta who also happens to be the co-author of Northeast Casinos Face Rising Tide of Competition, added that “with the region having additional casinos from the now 41 casinos and racetracks with slot machines and more on the way, cannibalization is underway.”

Still with the 3 New York Casino Licenses given and construction underway New York is still expected to get more revenue taking up to half of surrounding states as more clients from New York will no longer have to go out of state for operations. With this the likes of Finger Lakes Gaming & Racetrack some 27 miles on the western side of Lago has already announced a reduction on its operations with the anticipation of cut backs to come. This is in addition to the fact that unlike other full scale casinos it pays a combined tax of 79 %, while others pay only 39% on the same.

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