Moody’s Investors Service says the under-construction Lago Resort & Casino’s planned non-gaming and gaming amenities will draw customers form other casinos in upstate New York, especially the Oneida Indian Nation’s Turning Stone Casino.
“Lago’s opening comes amid a broader expansion of gaming in the northeast and increasing gaming revenue for the majority of New York’s casinos in 2015,” said Peter Trombetta, a Moody’s Analyst. “Recently opened casinos nearby do not offer live table games, a clear advantage for Lago, and others slated to open will operate in different markets. Lago’s location and product offerings uniquely position it to cannibalize gaming customers from its competitors.”
The Lago casino will be located in Tyre, Seneca County, New York, between Rochester and Syracuse. The nearby Finger Lakes and Batavia Downs racinos, do not offer table games and are prohibited form offering them under state law.
Turning Stone Casino, 35 miles east of Syracuse, does offer table games, however, Moody’s said it expects Lago’s non-gaming amenities to take market share away from Turning Stone as well.
According to Syracuse.com, the Oneida Indian Nation has fought Lago’s casino plans and joined with opposition group Casino Free Tyre in filing suit in New York County against the New York State Gaming Commission over the commission’s decision to award a lucrative gaming license to Thomas Wilmot, Lago’s developer.
The Oneidas said in the lawsuit that the casino selection process was subjective when deciding who would be granted a license, according to the website.
