Casino News

New York City Could Launch Gaming Expansion Next Phase Sooner than Envisioned

New York’s gaming scene is a constantly evolving area seeking a better experience for all players. New York City could soon welcome another casino venue offering gaming and entertainment possibilities to the area, as former Governor David Paterson would work towards this goal in collaboration with Las Vegas Sands Corp.

This support could eventually result in a new casino location approved as soon as next year. This week was a special one for the casino operator, as the Democratic ex-governor became Vice-President of Las Vegas Sands.

This position gives him the opportunity to push for new development in the metro area of New York City and potentially create more employment opportunities for people seeking a steady job. The way he sees things, casino conversation could commence as soon as possible and bring visible results earlier than previously envisioned in 2023.

Seven Commercial Casinos in New York

For the time being, New York’s gaming scene looks in a certain way, featuring diverse offerings for everyone. There are four commercial casino locations in the upstate area of New York. All of them would soon launch legal sports wagering operation and attract an even larger crowd. In addition to that, seven tribal casino venues also strive to diversify the offerings even further.

They are also preparing their sports wagering lounges and would launch wagering on sports events in the upcoming weeks. Such a move would make the local market more competitive to neighboring Pennsylvania and New Jersey. However, New York could also bring three more casino complexes in the upcoming years, as they have previously been authorized. Mr. Paterson wants to speed up the process, by seeing results as early as next year.

He pointed out that the sooner this gaming expansion enters its next phase, the better for the local employment market. The newly appointed Vice-President could pave the way for the leading casino operator to explore the field and reserve a spot in the expansion across New York City. The rivalry is projected to be impressive, as international giants such as MGM Entertainment and Genting Group already manage slot venues.

Las Vegas Corp. Could Enter the Field Prior to 2023

The said three casino venues would come with a casino license worth US$500 million, but the rush would also be beneficial for the state coffers. Getting their foot in the door before 2023 would result in additional fees, once again bagged by the state and later on invested. These locations could eventually go through an extensive renovation and expansion, becoming well-rounded casino venues in the foreseeable future.

At the end of the day, the expansion is going to create a balance between tribal and commercial casinos, capping their number at 14. There have been concerns expressed previously, that the current four casino resorts already experience the effects of field cannibalization. Resorts World Catskills is the newest casino resort, already experiencing considerable loss.

The first quarter of this fiscal year saw a loss of US$37.54 million on revenue of US$57.6 million for the casino operator overseeing it Empire Resorts. Ever since its official launch in February 2018, the monthly losses for the casino resort have been averaging at US$10 million. Recently, it has been confirmed that Woodbury is going to welcome a video lottery terminals venue overseen by the casino operator.