The state of New York has four commercial casinos currently in operation. The properties have been in business going on three years now and still have yet to generate the revenues lawmakers expected when legalizing the option a few years ago. Other options are being considered to bring in revenues to the state including sports betting.
As the year began, Governor Andrew Cuomo suggested that sports betting be legalized in the state. Neighbor New Jersey is already benefiting from the activity along with several other states. According to recent reports, more revenues are needed as the state’s casinos have been unable to reach projected estimates for revenues.
During the first year of operation, the state saw just over $350 million less in earnings that estimated. This is a huge difference and one that has lawmakers scrambling to figure out how to bring in the much-needed funds. 2018 saw a nice increase in revenues, but still not enough to meet estimations.
The Rivers Casino was the top earner last year, bringing in just over $152 million. This was just over $61 less than their projections. The second largest earner was the del Lago Resort and Casino, which brought in $149 million in revenues, also short of projections.
Coming in third was the Tioga Downs venue, bringing in close to $80 million. This venue was actually close to their estimations, coming in at 72%. The Resorts World Catskills was the last venue to open, beginning operations in February of last year. During the 11 months of operation, the venue brought in over $87 million. More activities are set to open within the venue this year, which should help to boost their earnings for 2019.
Now, the state is still considering sports betting legislation, but it seems to be taking a long time to get the ball rolling. For now, the state will have to rely on what the casinos can bring in, even though the totals are less than what was expected.
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