New York Casinos Falling Short Of Gambling Revenue Projections

One of New York Gov. Andrew Cuomo’s first actions in 2019 was to urge lawmakers to allow sports betting in New York’s upstate commercial casinos. As it turns out, those properties may need it.

The Empire State’s four Las Vegas-style casinos are entering their third year of operation, and the properties are not generating the type of revenue that was projected when breaking ground in 2017.

According to the Albany Times Union, the state’s casinos brought in more than $350 million below their projected revenue after their first year of operation. While there was an uptick in revenue in 2018, the market still fell short of the projections.

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Rivers Casino in Schenectady was the state’s top grossing casino in 2018 with $152.5 million in revenue, $61.5 million short of its $214 million projection. Del Lago Resort and Casino was the second-largest grossing casino with $149 million in revenue, which accounted for just 57 percent of projections.

Tioga Downs remained third in gross revenue with just shy of $80 million but was much closer to its projections than Del Lago, at 72 percent.

Resorts World Catskills opened its doors in February 2018 and generated just over $87 million in revenue over their first nine months of operation. Resorts World has several amenities still to open in 2019, including a golf course and a water park, which some argue will help with 2019’s numbers.

Source: www.cardplayer.com

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