When it comes to its casino expansion initiative as a vehicle for economic prosperity, New York seems very eager to keep hitting. But it’s a gamble that, at the moment, doesn’t appear to be paying off.
Three new upstate commercial casinos opened this year: del Lago Resort and Casino in Waterloo; Rivers Casino and Resort in Schenectady; and Tioga Downs in the Southern Tier. All have failed to produce the amount of revenue that was initially predicted.
The three casinos are estimated to produce a combined $220 million less in revenue this year than they promised to state regulators when they won their bids to build the casinos three years ago. Del Lago has generated $113 million in gambling revenue in its first nine months, far short of its $263 million projection.