Fourth New York Commercial Casino on Schedule to Open Doors in Q1 2018

Resorts World Catskills is on track to open doors in the spring of 2018, Ron Ochrym, the Acting Executive Director of the New York State Gaming Commission, said on Monday. The casino resort will be the fourth commercial property of this kind to be established in Upstate New York.

The casino resort is currently under construction in the town of Thompson, Sullivan County and is scheduled to open doors in March 2018. It will feature a full-scale casino with a 100,000-square-foot gaming floor. The Las Vegas-style facility will feature 130 table games and 2,150 slot machines.

It became known earlier this month that slot machines have already arrived at the gambling venue and were being installed.

Mr. Ochrym said on Monday that construction work at the property is almost complete and that ancillary decoration is the only part of the building process left to be finished. The gaming official further added that dealer training has already commenced. There are around 200 trainees to have joined the training program. Resorts World Catskills, which was rebranded from Montreign Resort Casino earlier this year, is expected to create over 1,400 jobs once fully operational.

As mentioned above, the Sullivan County resort will be the fourth commercial casino resort to open doors in New York as part of planned gambling expansion in the state. In 2013, New York voters approved the move, and a specially appointed Gaming Facility Location Board recommended the construction of up to four full-fledged casinos in Upstate New York.

The New York State Gaming Commission first issued three casino licenses, but then licensed a fourth casino project – the transformation of the existing Tioga Downs racetrack and slots parlor into a full-scale gambling venue with slot machines and table games.

At present, Tioga Downs Casino, del Lago Resort & Casino, and Rivers Casino & Resort Schenectady are the three commercial properties to have already opened doors in the state.

The expansion of New York’s gambling industry was feared to bring more negative consequences than positive ones. Opponents of the move previously voiced concerns that the clustering of casinos in the state’s Northeast could cause oversaturatin of the market and cannibalization of revenue from existing properties instead of the generation of new proceeds.

Will Casinos Meet Revenue Projections?

Tioga Downs Casino was the last one to receive a license from state gambling regulators, but the first to open doors within the state’s borders. According to initial forecasts, the casino was expected to generate around $103 million during its first year of operation. Tioga Downs is now approaching its first year since opening doors last December. However, it generated revenue of $63.2 million in the period between December 2016 and October 31, 2017.

Rivers Casino was projected to generate a total of $222 million during its first year of operation. The property opened doors in February. Its revenue in the period between its opening month and October 31, 2017 totaled $105 million.

Del Lago, which too had its ribbon cut in February, generated a total of $113.1 million in the period between its opening and the end of October. It seems that it is actually the gambling venue to be the farthest behind its projected first full-year revenue. Analysts previously forecast that the Waterloo-based casino would be able to generate around $263 million during its first year of operation.

The figures above show that New York’s commercial casinos are clearly struggling with meeting analysts’ expectations. Comments have emerged that they will continue facing difficulties in fulfilling projections and that the region’s older gambling venues will too suffer from the ongoing casino expansion. There are nine racinos and six tribal casinos in Upstate New York at present, aside from the newly-opened commercial casinos.

More optimistic analysts have pointed out that sometimes it requires time for a business to establish itself as a profitable one, and this might be the case with New York’s new gambling venues.

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