New York casinos report underwhelming results
The Empire State’s three new casinos reported revenues considerably weaker than expected.
US.- The New York State Gaming Commission revealed that the three new commercial casinos in the state achieved underwhelming results. Gross receipts from one of the facilities was off about 40 percent.
The East coast state has only received US$50.2 million from the three casinos so far, gambling industry officials reported on Wednesday during an annual meeting, as Reuters informed. Whilst they didn’t specify how much tax revenue was expected, the number was supposed to be significantly higher. The money that New York gets from casino goes directly to social funds like education and property tax relief. Despite the shortfall, state officials said that the number is not worrying as the facilities have created multiple construction and regular jobs.
“The full amenities are not yet open,” said Robert Williams, executive director of the New York State Gaming Commission. Tioga Downs Casino in Nichols was projected to send US$32 million in taxes to the state during the first year, but it managed to contribute with US$13.3 million. Jeff Gural, owner of the facility, said that the hotel opening in November will likely help that number: “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.”
Moreover, Rivers Casino & Resort, which opened its doors in February contributed only a quarter of the desired number with US$56.8 million in gross revenues. The Tyre casino Lago Resort & Casino reported US$63.1 million in gross revenues in the last five months, and is expected to be down 42 percent from the projected US$263 million during its first year.
