By
Jane Shaw
Senior Editor Updated: 01/10/2024
We count on Jane to inform our readers about the latest slot games in the US market. With her passion for video games and a degree in engineering, she’s our gambling tech expert. Jane’s also active in our blog section, where she tackles the curiosities and changes in the industry.
New York Casino Revenues
According to recent reports, Howard Glaser, Light & Wonder’s global head of government affairs, forecasts that gaming revenues generated by just three casinos in the New York City area could rival or even surpass those seen on the Las Vegas Strip.
The former senior policy advisor to Governor Andrew Cuomo, Glaser has played a huge role in the legalization of traditional casino gaming in New York’s downstate region.
In a recent interview, Glaser said:
The numbers are eye-popping in terms of the potential revenue. A study New York State itself did said $8 billion a year in potential casino revenue from three casinos. To give you some perspective, the Las Vegas Strip produced $8 billion in casino revenue last year.
Nevada’s casinos have been consistently generating high monthly revenue. This forecast from Glaser shows that big things are expected from New York’s entry into this sector. Officials also pointed out that Nevada’s figures include a wide range of income sources, including food and beverage, hotel accommodations, and entertainment shows, alongside gaming revenue.
New York City is viewed as one of the last major untapped casino markets in the United States. This has led to gaming giants, such as Caesars Entertainment, Las Vegas Sands, and Wynn Resorts, investing millions of dollars for a shot at the three available New York casino licenses. The intense competition and high stakes involved are a sign of the lucrative opportunities these licenses offer.
There is ongoing speculation about MGM Resorts International’s Empire City racino in Yonkers and Resorts World New York in Queens being the frontrunners for two of these licenses. Some believe that this could lead to a fierce battle among other contenders for the remaining license. However, there has been no official confirmation from policymakers and regulators regarding these rumors.
As a result of the potential success of operators in the New York City market, the competition for the limited number of licenses is intense. There is also pressure among operators because of the state’s increasing financial demands. It is claimed that because of a change in population resulting from residents moving to other states, the licensing fee, which was meant to be around $500 million, might skyrocket to $1 billion or more.
While this situation places a huge financial burden on the operators, it also reflects the state’s view on the value these gaming establishments could bring. The high entry cost is a reflection of the significant revenue and economic impact these casinos are expected to generate.
The successful operators could benefit from huge success in New York, not just due to the population but also the floods of visitors from around the world.
The anticipation surrounding New York City’s first steps into the casino gaming market continues to build up. It is something that is not only exciting for gambling fans in the area but also for operators that stand to enjoy huge success from this huge untapped market.
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