Yesterday, the state of New York took a major step towards expanding the local gambling market. Authorities have selected three out of sixteen applicants and awarded them a casino license.
After careful reviewing, New York gambling officials made their final decision and approved the establishment of three luxurious casino resorts, located respectively in Schenectady (near Albany), Tyre (near the Finger Lakes) and the third one is supposed to be established in Sullivan County Catskills (north of New York City).
The resorts themselves are believed to be really favorable to the state’s well-being. They are going to provide customers with high class hotel accommodation, dining, entertaining and spa facilities, sports activities, etc.
In addition, the establishment of the new casinos will be beneficial to the economy as a great number of New York citizens will be employed in the gambling sector. What is more, casinos are said to bring revenue totaling to $300 million annually.
However, people familiar with the matter expressed their concerns that the foundation of three casino venues will make the gambling market oversaturated, especially in the Northeast part of the state.
During the discussions, New York gambling officials settled down around the idea of giving the green light to three casinos to be built. By law, they are allowed to give permission to four venues but they considered the approval of a fourth one to be excessive on this stage of the development of the local gambling industry.
Gambling officials reviewed six proposals, concerning the establishment of a casino resort in Orange County but rejected all of them and opted for a casino resort to be built in the Sullivan County instead. What made them choose the Sullivan area over Orange County was the fact that the economy in that region needs further development.
Casino developers such as Hard Rock, Mohegan Sun, Caesars were not given a license. The first casino is to be built by Empire Resorts. Actually, this is the most significant casino project that will cost more than $630 million. Once finished, the resort will offer almost 400 hotel rooms, a golf course, plenty of dining and entertaining amenities.
The other successful applicant was the Rivers Casino. They proposed a casino project which will cost $300 million. The resort will offer hotel accommodation, retail and commercial space.
Lago Resort & Casino was the third winner. According to managers’ proposal, a casino resort worthy of $425 million is to be established. It will include a wide number of slot machines, 207 hotel rooms and a theater. Lago’s proposal met the opposition of the local Amish communities but luckily, all issues were promptly figured out.
