Gaming chief: Market demands more casinos

Paul Post

SARATOGA SPRINGS >> The number and caliber of applicants seeking New York casino licenses reflects a strong market despite industry declines elsewhere, the state’s top gaming official says.

Sixteen firms, including Saratoga Casino & Raceway, are competing for the right to run four new full-scale casinos -- one each in the Capital Region and Finger Lakes/Southern Tier and two in the Hudson Valley/Catskills.

Revenues at New York’s nine racetrack casinos collectively are in a lengthy slump and a large Atlantic City casino is scheduled to close next month, raising concerns about adding more facilities to an industry whose wagering dollars are already stretched thin.

“This slump has sent shock waves into the racino business in New York,” said Gary Greenberg, a gaming analyst and Vernon Downs Casino & Hotel minority owner. “If this slump continues into next year you will see layoffs plus a cut in racing purses. This is very stressful because starting in 2015, racinos (racetrack casinos) will face competition from four new upstate casinos. New York will be the only state like this.”

http://www.oneidadispatch.com/general-news/20140822/gaming-chief-market-demands-more-casinos