«State Commercial Casino in New York
The industry of commercial casinos in New York was officially started in December 2016 with the launch of Tioga Downs Casino. Then, in the beginning of 2017, several new casinos opened their doors and their names are Del Lago Resort (located in Waterloo) and Rivers Resort (located in Schenectady).
It all started with introducing of an amendment allowing gambling expansion. Gov. Andrew Cuomo signed this amendment in 2013 and thus allowed construction of four casinos in New York. Before this amendment, gambling expansion had been prohibited in New York according to the state’s Constitution.
Jeff Gural, the owner of Tioga Downs Racetrack, was the last one to get the casino license. It happened in 2015 and the former racing venue received some additional casino features. This collaboration of races and casino swang its doors open in 2016.
Since the commercial casino gambling got legalized in New York, the industry would manage to generate over $325 million. Three already operating casinos together already generated about $133 million from December 2016 to May 2017. On the whole, the local gambling market of New York is reported to be developing with high stability, according to State Gaming Commission.
But the prognosis, which we’ve mentioned earlier, will hardly be met if this trend keeps on going through the whole year. But what’s more important is the fact that New York really needs this type of industry. We’ve understood that from the result of the first several months of casino industry existing in New York. Local gamblers now don’t have to cross the border of their own state to have some fun and play, and even strong competition of neighboring states won’t win here.
And now let’s have closer look to those 3 gambling venues of New York.
Tioga Downs Casino
It’s the longest-running gambling resort in the short history of New York’s casino industry. Its total revenue was about $34 million over the period of six months, from December, 2016 to May, 2017.
This property is not only the longest-running, but the smallest one, if we compare it with two other gambling resorts, located in New York. Over the above-mention period the casino featured about 25 table games, 12 poker tables and over 800 slot machines.
The latter facilities, slot machines, turned out to become the most profitable gambling service of the casino. Their revenue was about $30 million. Table games were reported to have revenue of over $10 million and poker tables had revenue of $656 989. All this information of the revenue was counted for the above-mentioned period, from December, 2016 to May, 2017.
March 2017 brought the casino the highest revenue. Its total amount was about $6 million according to Gaming Commission.
This resort and casino was the second commercial casino in the state. Its launching day was February, 1. From February to May, 2017 this casino generated about $50 million as its gross gaming revenue. So it can be considered the most profitable casino in New York.
What’s more, Del Lago is not only the most profitable, but also the largest commercial casino, located in the state. It has the largest number of slot machines (over 1,900 items) and table games (about 80 items). The casino also invites players to its 12 poker tables.
Del Lago’s slots brought the total revenue of over $37 million within the reported period from December to May. About $13 million was received from the table games and poker revenue was about $954,000.
The first month of the casino’s operation was the luckiest one concerning the generated gambling revenue. The reason for that is gamblers’ initial interest and curiosity towards the newly opened casino. That month reportedly gave the casino about $13 million.
Thanks to such success, the casino is going to expand and develop. Its owners have recently promised to open its hotel part very soon. This addition is expected to attract even more customers and boost the revenue figures of July.
This casino and resort opened its doors a week after its main counterpart – del Lago casino. From February to May its total revenue was about $46 million. The overall facilities of the casino include 67 table games, 15 poker tables and about 1,000 slot machines. This great thousand of slot machines brought the casino the revenue of about $19 million at the above mentioned period and became the most profitable facility. The casino’s table games brought the revenue of about $14.8 million and poker brought about $2 million of the revenue.
The casino’s best month was March, when the casino generated over $13 million of the total revenue.
Well, to our mind, the three casinos of New York showed us some really good start. Even if their revenue has been dropping a bit in comparison with their first months, it’s not a bad sign and is easily explained by the recession of the initial interest. It’s normal when initial admiration fades away sooner or later. What’s more important is the stability of the casinos’ development. And we hope that this trend will only enlarge and improve in the future.