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New York approves three casino resorts

December 29, 2014

The great state of New York is getting into the gambling industry. The state is probably wondering why the states next door are struggling with such a great market. The State Governor, Andrew Cuomo, was the first one to announce back in 2011 that, the state had been looking how to improve and expand the gambling market in New York; and, gladly for gamblers, New Yorkers voted for Cuomo’s proposal. Andrew Cuomo’s goals are to create a strong economy for the whole state: “We want to use the upstate casinos as a magnate to draw people from New York City upstate. We are trying to drive the upstate economy. The risk is all on the private sector and we have only upside”. This has become the leading step for the state’s gambling industry to meet other markets, rather than just offering horse racetracks slot betting booths and casino games at some of the state’s Native American tribal casinos.

New York has already approved three proposals that will open the first resort casinos in the state. The bids come from operators like Empire Resorts, Wilmorite, and Rush Street Gaming. But it seems to all that there could be more than only three operators receiving the casino-resort license; in spite of this, the Gaming Facility Location Board (GFLB) is not willing to saturate the market, and does not want Caesars Entertainment, Hard Rock and Mohegan Sun in the game yet. GFLBT stated: "We have sought to select those proposals that would maximize prospects for sustained success and be in the best overall position for the state of New York”. Empire Resorts wants to place the $630 million Montreign Resort Casino in Sullivan County, only 90 miles from New York City. The resort would include a 391-room hotel, golf course, restaurants, and other entertaining establishments. Wilmorite wants to build up Lago Resort & Casino, a 207-room situated between Rochester and Syracuse. Rush Street will go with Rivers Casino, a 150-room for the state capital Albany.

 


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