New York’s new casinos are performing well under their own forecasts for gaming revenue, but hopes are that increased summer tourism combined with the addition of new attractions will get them up to speed.
The largest of the three, del Lago Resort & Casino in the Finger Lakes region and Rivers Casino & Resort in Schenectady, have the most ground to make up.
del Lago peaked at $3.7 million in weekly win shortly after its February 7 debut, but struggled to stay above $3 million most weeks up until the first week of July, when it cleared $3 million.
Rivers, meanwhile, was earning a little more than $3 million a week from its opening to mid-April. In the past ten weeks, its earnings dropped to just under $2.5 million a week, though it also picked up earlier this month.
Del Lago forecast annual earnings of $282 million by 2019, or an average of $5.4 million per week. Rivers projected gaming revenues of $222.5 million in 2019, an average of $4.3 million per week.
Tioga Downs Casino, in Nichols in south-central New York, has stayed at around $1.5 million since it opened back in December as a converted racino. The property has less than half the gaming capacity of del Lago and Rivers.
“We knew that in the first few months people would come out to see what we’re about, kick the tires,” said del Lago General Manager Jeff Babinski. “But we also know there’s a lot of competition that wasn’t here a year ago, and there are people who would try one place and then maybe another.”
All three are looking to the addition of hotels and other attractions to boost business. Earlier this month, del Lago opened the first phase of its 205-room hotel with features that include a full-service spa. Rivers, meanwhile, has begun taking reservations ahead of a July 19 unveiling of its 165-room hotel and spa. A 161-room hotel is slated to come on line at Tioga Downs later this year.
“We think it will pick up and remain steady when people see what we have to offer,” Babinski told NYup.com.
That said, the New York market is going to get a lot more competitive early next year with the addition of an even larger casino just 90 miles from New York City: Resorts World Catskills, a joint venture between Empire Resorts, owners of a nearby racino at Monticello Raceway, and Empire’s majority stockholder, global resort giant Genting.
Genting also owns the Resorts World New York City racino at Aqueduct Racetrack in Queens.
