Schenectady is receiving about $600k less in casino tax revenues than was projected
January 05, 2018 9:56 AM
by Robert Mann
Schenectady, in Upstate New York, is receiving about $600,000 less in casino tax revenues for 2017 than was projected. The information came to light earlier this week when Mayor Gary McCarthy, in his state of the city speech, revealed that the city is currently facing a "small" budget deficit.
He added that it would be at least 45 days before the city would close out the financial books on 2017 and have a better idea of the anticipated shortfall.
Schenectady officials had projected it would receive about $2.75 million in revenue from the casino but that the total revenue was about $2.1 million.
The Rivers Casino & Resort in downtown Schenectady marks its one-year anniversary next month. It’s one of three Upstate New York casinos to open in the past year. All three have yet to meet their own projections for gaming revenues in the first year.
Rush Street Gaming, based in Chicago owns the casino/resort.