The construction of a $425-million hotel and casino resort in Seneca County, New York may result in the closure of the existing Finger Lakes Gaming & Racetrack, officials for the venue told media.
Last week, the New York State Gaming Commission awarded licenses for three casino projects, with Lago Resort & Casino in the Finger Lakes area being one of those. The venue is to be located in near proximity to the Finger Lakes thoroughbred racetrack and owners of the latter expressed fears that it may not be able to survive the competition.
When completed, Lago Resort & Casino would feature 2,000 slot machines, 85 gaming tables, a 207-room hotel, and a number of food and beverage and entertainment options. However, the construction of the multimillion-dollar complex may start a prolonged legal battle involving existing racetracks and casinos, and a Native American tribe.
Commenting on the launch of the hotel and casino resort, Finger Lakes Gaming & Racetrack General Manager Chris Riegle said that it would result in his venue’s revenue from Video Lottery Terminals dropping more than a half. The official further pointed out that the racetrack may not survive the tough competition and may eventually close doors.
According to Mr. Riegle, New York officials need to guarantee the purse payments at his venue that were established back in 2013. Otherwise, racing operations are likely to be shut down in 2017 and VLT operations are to be closed a bit later.
Gambling experts predict that Lago Resort & Casino would be much more attractive to gambling customers as it would offer Las Vegas-style casino games, including real slot machines, unlike Finger Lakes’ VLTs, and popular table games such as blackjack and poker.
The Oneida Indian Nation has also expressed vocal opposition to the construction of Lago Resort & Casino. The tribe currently operates Turning Point Casino, located about an hour east from the proposed Lago site. Tribal officials have told media that they would likely start legal action against the New York State Gaming Commission and its decision to grant one of the three casino licenses to the Seneca County project.
Montreign Resort Casino in Thompson and Rivers Casino & Resort at Mohawk Harbor in Schenectady are the other two casino plans approved by the state gambling regulator. An application for a fourth upstate casino – Tioga Downs in Nichols – is currently being reviewed by gaming officials and they are likely to announce their decision whether the project would receive the necessary license sometime next year.
