Upstate New York’s gaming scene is a vibrant one that is slowly but surely transformed by legal sports betting operation. However, it is also true that newer casino resorts such as Resorts World Catskills are far from the initial revenue projections issued prior to its construction. Improved gaming offerings on site and legalized sports wagering could make a positive change across the local field.
Casino offerings could be especially attractive to people interested in exploring this field and making the best of their time at one of the premium casino resorts of Upstate New York. There are four commercial casino locations sprinkled across the area that are competing among themselves for casino patrons’ hearts but field cannibalization has taken its toll on the sector and its performance through the years. With the emerging sports wagering field, changes might come.
Field Cannibalization Worries Locals
Resorts World Catskills is the newest casino resort in the field, which entered the field at the beginning of 2018. The original revenue projections failed to become reality and Empire Resorts reached colossal losses over the first 14 months of operation. On a monthly basis, this amount managed to reach US$12.58, a concerning image that had to come to an end.
Recently it was announced that Empire Resorts is ready to build a new US$100-million gaming hall in Orange County, located in the vicinity of its major Resorts World Catskills. This new venue is projected to bring 1,100 video lottery terminals to Woodbury after 2023. Approval of this new project was given by state lawmakers right before the end of this year’s legislative session without much publicity around it.
People acquainted with the way the field works said this could be the end of Resorts World Catskills, expressed concerns. Even though it is of a larger scale, many casino patrons might find the newer venue a closer and more appealing offering. Locals have previously expressed their position on the subject of the premium casino resorts.
Sports Betting Changes Field
Many people have claimed that the scale of these locations is simply too large for the areas they are operating in. Field cannibalization is a thing in Upstate New York, but things might get even more complicated in the foreseeable future. Three more commercial venues are supposed to launch operation in the upcoming years, as this is a state agreement.
As for the existing ones, Rivers Casino in Schenectady reported a 24-percent gaming revenue surge since April 2017. In the meantime, Tioga Downs in the Southern Tier showcased a 19 percent higher revenue in June when compared to its performance in April 2017. del Lago in the Finger Lakes has not seen much improvement in the gaming revenue department, showing that the levels of interest remain unchanged.
This could change soon, as in-person sports betting is about to gradually transform the field and make it a more competitive one. Instead of traveling to Pennsylvania or New Jersey, casino patrons are projected to remain in Upstate New York and spend their cash there. Sports betting is going to fill the gaping budget hole with a projected windfall of US$48.3 million on an annual basis while boosting revenue at casino venues.
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