The Montreign Resort in the Catskills is moving forward after the planned $1.25 billion complex received its gambling that is commercial license Monday from the latest York State Gaming Commission. (Image: montreign.com)
New York is joining its neighbors New Jersey, Pennsylvania, Delaware, and Massachusetts in stepping into the gambling business that is commercial.
On Monday, the brand New York State Gaming Commission unanimously approved three licenses to proposed upstate facilities in Sullivan, Schenectady, and Seneca Counties in order to bring new jobs and profits to local governments and school districts.
The combined capital investment could be more than $1.3 billion, and also the sites are expected to create over 3,600 permanent jobs and $212 million in annual revenues for education programs.
‘New York State will realize the economic soon benefits of resort gaming destinations,’ Gaming Commission Executive Director Robert Williams said. ‘These projects will create thousands of jobs, bring much-needed development that is economic long-stressed communities and drive revenue to guide schools and local governments, with zero taxpayer bucks.’
The three destinations that are awarded:
Montreign Resort Casino in Sullivan County (Empire Resorts), a $1.25 billion 18-story entertainment location that will feature 325,000 square legs of gaming space, 332 luxury rooms in hotels, an 18-hole golf course, and more.
Lago Resort & Casino in Seneca County (Boyd Gaming), a $425 million 205-room resort with 2,000 slots and 100 tables, plus a 10,000 square-foot spa.
Streams Casino & Resort in Schenectady County (Rush Street Gaming), a $320 million investment that boasts a 51,000 square-foot gaming floor and hotel that is 150-room.
Too Close for Comfort?
The recipients of the three casino licenses might be the first to receive commercial permits, but that does not mean they’ll certainly be alone in offering video gaming to the population that is dense of Northeast.
Nyc currently has nine racetrack gambling enterprises (‘racinos’) that offer slots and electronic variations of popular table games. The state can also be home to 11 native casinos that are american.
The Gaming Commission and commercial operators believe building more impressive resorts upstate will entice some of this 50 million tourists that visit New york each year to your regional attractions.
The gambling market has unquestionably become saturated throughout the last few years as neighboring states are also rushing to stop gaming dollars from leaving their borders.
Atlantic City has been the victim that is biggest of that trend as residents in Pennsylvania and Maryland no more need certainly to travel hours to the beachfront town to play live table games.
The Lago Resort might be smart to be most focused on nearby competition. The Finger Lakes facility will be built just 90 miles from the popular Turning Stone Resort Casino.
Skeptics of the land-based commercial gambling expansion are not sold that allowing extra video gaming venues will lead to a ciphering of profits from nearby states.
New York already is the beneficiary of the $9 billion state-run lottery, the richest in the entire country. The New York Lottery’s sole mission is to earn revenue for education.
If a $9 billion market doesn’t suffice, will the approximated $212 million annual commercial gambling market really make that much of an impact?
Some believe there is a hypocrisy happening in Albany.
James Surowiecki, a journalist who covers economics and business for this new Yorker, recently opined that legalizing fantasy that is daily operators DraftKings and FanDuel as opposed to banning them, as New York Attorney General Eric Schneiderman did this month, would be equally beneficial.
‘He (Schneiderman) argued that a lot of participants end up money that is losing and claimed, on such basis as bit more than anecdotes, that increasing numbers of users of these web sites are becoming gambling addicts.
Yet the forms of gambling that New York tolerates and promotes (which also consist of the racetracks owned by the state) raise all of the same dilemmas,’ Surowiecki said.