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NEWS 21 August 2017

NY commercial poker rooms generated $764k in July

By Manuel Marti
According to an official report issue by The New York State Gamin Commission, New York casinos generated $764k in poker revenue during the month of July. However, the three commercial casinos' results feel short of analysts' expectations.

Poker revenue from commercial casinos signifies a small percentage in New York’s poker industry. Tribal casinos offer nearly 70 tables spread across the state, with the largest being the 32-table room at Turning Stone in Verona. Additionally, residents often migrate to neighbouring Canada or Atlantic City to gamble.

A few years ago, New York said that its residents were spending about $1bn every year at out-of-state casinos. Late last year, legislation changed to allow Las Vegas-style commercial casinos within the state.

River Casino and Resort accounted for more than half of the total revenue, reporting $469,000 from its 16 poker tables. Del Lago Resort and Casino followed it with $220,045 from 14 tables; whilst Tioga Downs Casino only reported $75,765 from 12 tables.

So far, the Las Vegas-style poker rooms, which are less than a year old, have contributed $50m to the State in the first half of 2017. The government spends the money collected from casinos taxes in social funds such as education and property tax relief.

Despite the shortfall, Montreign Resort Casino in Sullivan County, the priciest of the new commercial casinos in upstate New York is expected to open with a 14-16 table poker room in early 2018.
RELATED TAGS: Land-Based | Financial | Poker | Casino
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