Three New York casinos come up short
October 10, 2017 3:00 AM
by Robert Mann
Three New York casinos, in the upstate portion of the state, have fallen significantly short of revenue projections during their first year of operation, according to a review of state records by the USA Today Network’s Albany Bureau.
The review reveals the casinos in the Finger Lakes, Southern Tier and Albany area, based on their averages thus far, face a shortfall of $220 million in total revenue less than they projected to state regulators when they won the bids for the casinos in 2014.
The revenue deficit is being attributed by some obsevers to a saturated casino market in the region along with unrealistic estimates designed to win state approval.
Operators have indicated results should improve over time and the gambling operations have already bolstered the local economy by creating thousands of new jobs and by generating tax revenue for state and local governments.>