Thursday, December 18, 2014

Northeast Growing With Casino Saturation

The New York Times reported on December 17&18, 2014 the following "One of Gov. Andrew M. Cuomo’s signature initiatives, the expansion of gambling in New York, took a major step forward on Wednesday, when a state board recommended the approval of Las Vegas-style resort casinos in the Catskills, near Albany and on the northern end of the Finger Lakes." ... "But New York is entering an intensively competitive gambling industry in the Northeast with lagging returns that some analysts believe is close to saturated. The Gaming Facility Location Board seemed to take that into account by declining to recommend a fourth resort, as allowed by law, in part to give the other three a better chance of success."

The Saturation is growing as reported on WWLP 22 News in Springfield on December 17, 2014 "MGM Springfield is on track to break ground for a resort casino next spring, but by the time MGM opens its doors in Springfield’s south end, there could be a lot more regional competition. On Wednesday, New York’s Gaming Facility Board recommended the state license three casinos.

Closest to Mass. is the Rivers Casino and Resort at Mohawk Harbor in Schenectady, just west of Albany. It’s a $300 million project with more than 1,100 slot machines. Schenectady, New York is about 100 miles west of Springfield. So MGM Springfield will have the Rivers Casino and Resort there, and 100 miles to its east, there will be Wynn Resorts in Everett."

More from 22 News:

These are the sites for New York:

1. Lago Resort & Casino
Casino, 207-room hotel,
restaurants and other amenities.
Projected cost: $425 million
Developer: Wilmorite

2. Montreign Resort Casino
The old Concord Resort
Would include a 391-room hotel, golf course, restaurants and entertainment rooms.
Projected cost: $630 million
Developer: Empire Resorts

3. Rivers Casino
Casino, 150-room hotel, restaurants
and a banquet hall
Projected cost: $300 million
Developers: Rush Street Gaming

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