Point Place Casino, a boutique casino near Syracuse, is set to open on the 1st of March this year. While gambling enthusiasts are excited about the new casino on the block, which will offer 500 slots and 20 table games, competitor casinos are not impressed.
Struggling Casinos in the State of New York
The reason for competitor casinos not welcoming Point Palace Casino into the market is because the industry has been saturated for a while now and casinos across the state are struggling financially.
In 2013 commercial casinos were legalized and since then casinos have been popping up all over the state. When Point Place Casino opens in March, it will be within a half-hour drive from 2 different casinos, and making a total of 6 casinos in the area of Finger Lakes alone. While the many casinos in the area have built some truly eye-catching establishments and done wonders for job creation (Point Place Casino should employ at least 200 people), the revenue they have created for the state has been disappointing.
The del Lago Casino, Rivers Casino, and Tiago Downs Casino were the first 3 casinos to open in the state of New York and have all fallen dreadfully short of their expected revenues, coming in around $220 million dollars short of what was expected. None of the other many casinos in the state have done much better, resulting in the loss of millions of dollars for New York State.
Although the losses have been disappointing, it is known that casino operators often over-promise in order to get the casino licenses, but then end up under delivering.
More Competition on the Horizon
Even though it is a known fact that the casino market is saturated, there are even more casinos, besides Point Place, in the pipeline.
The biggest of these being Resort Worlds Catskills, which is an integrated casino set to open within the next 10 months. Resorts World Catskills aims to have over 2000 slot machines with 150 live table games. The casino will be alongside a luxury resort that will offer 300 rooms as well as spas and golf courses.