Tracks that operate slot machines in the State of New York are complaining that Gov. Andrew Cuomo’s plan to license three Las Vegas-styled casinos in the northern part of the state will result in lower revenues at existing facilities.
The three casinos, said James Featherstonhaugh, president of the New York Gaming Association, will “cannibalize as much as 85 percent of the state’s current gaming market, shifting revenue and jobs from one facility to another but resulting in no real increase in new jobs and an annual loss of $1 billion of tax revenue for education.”
He added that the proposal created a “completely unfair playing field. They say we should compete, but there’s no way we could win.”
The gaming proposal is being developed behind closed doors by lawmakers in Albany.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].