New York Casinos Expected Mostly to Cater to Residents
Last fall casino proponents in the state of New York scored a big win when a constitutional amendment was passed there that will allow for the eventual construction of seven new brick and mortar casino properties.
With the application process about to get underway for the first four casinos, which will be located in the upstate portion of the state, some analysts are predicting that new gambling destinations in the Empire State are more likely to attract locals rather than tourists coming in specifically for the purpose of gambling, says masslive.com.
Recent revenue figures show decrease in casino numbers
Throughout the east coast, where states have in recent years been working to add more land-based casino properties as a means of increasing revenue still coming up short in light of the lingering weak economy, casinos are reporting that revenue is down.
Masslive.com attributes recent depressed numbers to the winter weather, which has been particularly harsh this year across much of the nation.
The declining figures seemingly have no impact on parties interested in jumping into the casino race in New York. With the passage of the constitutional amendment last November, the state cleared the way for commercial casinos, backers of which say will increase tourism to the fiscally downtrodden northern regions of the state.
Indian casinos already operate in New York state, and there are also nine racinos that feature video lottery terminals.
Shrugging off slack numbers at regional casinos, developer Thomas Wilmot Sr. was quoted as saying, “You can’t look at a 90-day window. There could be a million reasons you get these short-term ups or downs. But if you look at the last five years, it’s been a very steady increase in play.”
Wilmot’s company, Wilmorite, located in the city of Rochester, is hoping to bring a $350 million to the upstate Finger Lakes area.
New York casino expansion expected to be felt in hard-hit Atlantic City
When the new casinos open, Atlantic City casinos are expected to feel the effects.
Atlantic City, which has seen its revenue decline every single year since it peaked back in 2006, has suffered in the face of increased competition from other states, chiefly Pennsylvania, where new casino properties in Philadelphia have successfully lured gamblers.
With new casinos coming not only to New York but also to Massachusetts, there is concern that Atlantic City’s eleven brick and mortar casinos may suffer further decline.
One thing the New Jersey casino market has going for it, is, of course, its fledgling real money online gambling industry. The Garden State, which saw the launch of its Internet wagering businesses in late November, logged $8.4 million in Internet betting-derived revenue from that time through the end of 2013.
While those numbers are fairly modest, by all accounts the commencement of online wagering in New Jersey has been deemed a success. With its relatively large population of about 9 million, New Jersey is expected to serve as a model for other populous states looking into regulating some form of Internet betting, among them Illinois, Pennsylvania, California, and others.
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