Revenue From Upstate NY Casinos is Slowly Increasing

Over the past couple of years, New York lawmakers have worked hard to expand their casino industry. Unfortunately, revenue from Upstate NY casinos failed to increase for months. New reports indicate that in 2019, things began to turn around for casinos in the Upstate area.Flag Of New York

Lawmakers in this state are looking to earn more money from the gambling industry. More gaming options may soon become available here. Today, we’re going to look at how the Upstate casinos performed in 2019.

New York’s Expanded Casino Laws, Explained

For decades, New York was considered a very anti-gambling state. Lawmakers here implemented a blanket ban on casinos back in the late 1800s. Despite laws against it, many small, illegal gambling venues continued to operate in the state.

Eventually, state officials began allowing horse race wagering. In the 1950s, lawmakers decided to legalize bingo and five years later, opened a state lottery. It wasn’t until the late 1980s that officials began looking at the possibility of legalizing casino gambling.

In 1989, the Supreme Court passed the Indian Gaming Regulatory Act. This set of laws made it legal for Native American tribes to operate casinos on sovereign land. Not long after this bill was approved, New York began allowing the state’s tribes to run gambling venues.

In 2013, lawmakers completely changed their stance and decided to officially legalize commercial casinos. Since that time, several of these gambling venues have opened up, most of which are in the Upstate area. Unfortunately, revenue from Upstate NY casinos hasn’t been quite as high as many initially predicted.

There are several reasons why this is. Most cite the competition as the primary reason why these casinos have struggled to make money. According to new reports, things are beginning to improve.

Revenue From Upstate NY Casinos is Going Up

It hasn’t been an easy road for casinos in New York. As we just mentioned, almost all of these are located in the Upstate area. Many are within close proximity to each other. Competition is extremely high here and just about every single casino has struggled to bring in players.

It seems things are improving, though. The four casinos in Upstate New York are beginning to see an increase in gaming revenue. Each one saw its revenue increase last year.

Resorts World Catskills, one of the largest casinos here, saw a massive 48% jump in revenue. In total, revenue at Upstate NY casinos increased by 18% last year. That’s fantastic news for the state, as lottery sales dropped by more than 35%.

Bob DeSalvio, president of Genting New York State, says he’s not surprised to see things start to get better.

“If you look at the history of regional gaming properties over their lifetime, it’s about two years for them to really click in,” he said. “A 24-month ramp up period is not unexpected in today’s environment.”

There has been fear that the state’s casino industry might fail. Lawmakers have discussed new ways to help these gambling venues generate more money. Things are beginning to improve, and new sports betting options may help make things even better.

New Sports Betting Options Might Be Coming to New York

In May of 2018, the Supreme Court officially struck down PASPA. This decision immediately gave every state in the country the ability to legalize sports betting. Today, more than 20 states have decided to legalize this form of wagering.

New York began working to legalize sports betting in early 2019. On July 16th of that year, the first sports wager was placed here inside the Rivers Casino in Schenectady. As of now, only land-based sports betting is available in the state.

This could change soon, though. For months, lawmakers in New York have discussed legalizing online sports betting. Many feel this will help to increase revenue from NY casinos.

This is currently being decided in the courts. Officials argue that allowing online sports betting will help to bring the state more revenue and make things more competitive with New Jersey, which allows sports wagering to be made over the internet. It’s still unclear whether or not the courts will agree with this assessment.

Revenue at Upstate NY casinos is beginning to increase. State officials hope that this trend continues. We’ll need to wait and see whether or not these officials can succeed in allowing online sports wagering.

Stay tuned for more updates over the next few months!

Resorts World Catskills is Set for a Major Change

The casino scene in Upstate New York is one of the most competitive in the country. Many casinos are currently operating here, some of which are struggling to generate revenue. Resorts World Catskills now has new owners and is bracing for a major change. New York Sign

This casino-resort is having a tough time bringing in money. Hopefully, these changes to this establishment turn things around. Let’s look at what the owners are saying.

New York’s Casino Industry Continues to Expand

For many years, lawmakers in New York pushed against gambling expansion. The state’s officials event worked to ban common forms of gambling such as daily fantasy sports. Recently, however, things have taken a major turn.

In 2013, the state approved commercial casinos. Within just a couple of years, four different privately-owned gambling venues opened in this state.

New York has also recently begun to embrace sports betting. In July of 2019, the first legal sports bet was placed here inside the Rivers Casino in Schenectady. As of now, only land-based sports betting is allowed here. It’s likely that mobile sports betting will become available in New York in the near future.

Many of the casinos in Upstate New York have struggled to generate revenue. The increase in competition here seems to be making things worse. Resorts World Catskills was recently forced to declare bankruptcy and was officially sold to a company based in Malaysia.

This week, the owners of this gambling venue announced what’s coming here.

Resorts World Catskills Owner Announces “New Chapter”

It’s been a tough road for this casino. Initially, it was expected to become one of the hottest casinos in New York. Unfortunately, it’s having a very difficult time bringing in players to the casino floor.

As we just mentioned, this casino was recently sold to the Genting Group. Ryen Eller, president and CEO of Genting Americas, commented on future plans for this venue.

“This marks a new chapter for Resorts World Catskills and is the first step toward fulfilling the promise and potential of New York’s most prized integrated casino resort destination,” Eller said. “By leveraging Genting’s extensive market knowledge, coupled with unrivaled play, stay, and dine facilities, Resorts World Catskills is well-positioned to increase performance and generate significant revenue for the region and New York state.” 

With backing from Genting, hope is that this casino manages to start producing better results. Owners say they do not expect any layoffs. That’s great news for the nearly 1,000 individuals working in this establishment.

New York Looks for New Ways to Generate Money From Gambling Industry

Most of the US seems to be interested in embracing the gambling industry. With the ability to legalize sports betting, every state seems to be taking a closer look at its current gambling regulations. New York is one of the states most actively working to generate more money from its gambling market.

Nearby New Jersey is considered the gold standard for US sports betting operations. This state legalized sports gambling in mid-2018 and is now earning more revenue from this industry than Las Vegas. Lawmakers in New York want to see similar results.

The 2019/2020 NFL season seems to be helping things. Rivers Casino, in particular, has been benefiting massively from the football season. It experienced record-breaking revenue figures at the start of the season and continues to rack in money.

Casinos in New York need to work on new ways to attract players. One idea that’s being passed around is for these gambling venues to work together, rather than against each other.

Resorts World Catskills has new owners. Let’s see how this affects the gambling venue’s performance heading into 2020.

Stay tuned for updates over the next few months!