It is a well known fact that the gambling industry in the United States has been unstable and despite the efforts of the authorities, it doesn’t seem like things are going to improve soon. On the contrary – they will remain the same for at least a few more months. The current situation was caused by a combination of factors and the worst of all is that nobody can say for certain when the crisis will be over.
A lot of things have changed during 2014; four casinos in Atlantic City were closed and a fifth one is supposed to close within a month; three states on the east coast will have their casino venues established; New York residents gave their consent for four casinos to be built in the state. Let’s concentrate on the changes the state of New York experienced and the approaches, suggested by the authorities for remedying the situation.
The gambling sector in New York is still unstable and oversaturated. The tough competition created room for rumors and speculations. Some of those, who pretend to be aware of the local gambling affairs, claim that the regulators are about to provide three companies with licenses instead of four.
According to prominent gambling experts, New Jersey, Connecticut and Pennsylvania are the three states that generate the greatest annual revenues when it comes to gambling activities and their popular casino venues attract a great number of tourists.
However, despite being regarded as the gambling Mecca of the East Coast, New Jersey is experiencing severe setbacks, which make the gambling regulators of New York be very careful when it comes to allowing the local gambling sector to expand.
Cara Benson, a representative of one of the companies that has applied for obtaining a license, said that although regulators are allowed to award four companies with licences, it doesn’t mean that they have to regard it as a target that needs to be completed. Those who are believed to be reliable and said to bring decent profits to the state of New York will be given a license.
Currently, 16 companies are hoping to be among those, chosen for becoming owners of new casinos in the state. Basically, the areas where the casinos are likely to be located are the Hudson Valley, the Capital Region and Finger Lakes. Gambling regulators of New York will most probably take their final decision before the end of the month but the members of the Board were unwilling to provide the media with further information.
Nine companies out of 16, are willing to have their venues established in the Hudson Valley region. The great number of proposals made the regulators consider awarding two companies with licenses.
However, all areas where the future casinos are going to be built, have been carefully chosen with the aim of preventing conflicts and competition with the Indian tribal casinos.
Needless to say, there are a lot of details, the owners of the new casinos have to consider. Despite the careful picking of the regions, some of them are located in close proximity to popular and proven casinos, which makes their survival really difficult.
Although more and more players choose smaller casinos, located near the place they live, the competition of the reputable casino venues should not be underestimated.
