Fourth Commercial Casino to Open in New York in Q1 2018
The Acting Executive Director of the New York State Gaming Commission announced on Monday that Resorts World Catskills is scheduled to open in March, 2018.
This will be the fourth commercial casino resort to be installed in Upstate New York.
New York, New Casino
The all-encompassing casino venue is currently under construction in Thompson, Sullivan County, and is on track to be inaugurated in the spring of 2018. The full-scale property will feature a 100,000-square-foot gaming floor with 130 table games and 2,150 slot machines.
According to Mr. Ochrym, the construction is almost finished, and the only part left, pertinent to the building process is to finalize the additional decoration work. Dealer training has also started and there are approximately 200 trainees participating in the training program. It is expected that Resorts World Catskills will hire over 1,400 people once it becomes completely operational.
Tioga Downs Casino, Rivers Casino & Resort Schenectady, and del Lago Resort & Casino are the first three commercial casino facilities to have opened in the state.
Be that as it may, it is feared that the development of New York’s gambling industry can have more negative outcomes than the positive ones. Opponents expressed their concern that the expansion of the casino industry in the state’s Northeast region, may induce the casino market oversaturation, as well as revenue cannibalization from already existing facilities, instead of generating additional profit.
Will Existing Casinos Meet Revenue Calculations?
Tioga Downs Casino was expected to produce approximately $103 million in the first year of operation. Yet, it generated a $63.2 million profit between December, 2016 and October 31st, 2017. Rivers Casino, on the other hand, was expected to produce a $222 million revenue during its first year, however, the revenue in the period between February and October 31st amounted to $105 million.
Del Lago is certainly the gambling property to be lagging behind most, generating a revenue of $113.1 million between February and October 31st, as opposed to analysts’ forecasts that it would have a $263 million profit in the first year of operation.
The above calculations evidently reflect the fact that commercial casinos in New York are struggling to meet revenue projections, and it is reported that the difficulties will continue to exist, given that older gambling properties will also suffer from the increasing expansion in the industry.
According to some more optimistic analysts’ reports, a business sometimes needs more time to transform into a profitable one, which could be the situation with new gambling properties in New York.