It is a good thing to hear when Resorts World Catskills says it is opening. The date is set for February 8. Everything is ready for the early opportunity. Workers are prepared to welcome visitors to their new venue. But there is something that is shocking. The casino is opening into a saturated market. These are not the words of the operator. They are not words of the workers too. Moody’s Investment Analysis says that the casino industry in Upstate New York is saturated. The investment company now says that the new casino will worsen the situation.
Why Does Moody’s Feel Casinos Saturate Upstate New York?
“The coming of Resorts World Catskills will diffuse a full market. Upstate New York has a very tough gaming market for now,” the company says . It adds that by entering the gaming market, Catskills will cannibalize business. Also, this will especially affect racetracks that are nearby. The new facility is the last of four in Upstate New York. The state votes in 2013 for casino expansion in the state. The aim is to give private yet commercial gaming a chance.
Native American Indian casinos, Racinos, and 4 New Resorts
The upstate gaming market has different facilities. There are Indian casinos, racinos, and the four new facilities. The formation of more casinos in the state is worrying. Moody’s is saying that the gaming sector is already full. According to Moody’s, some facilities will not meet their projections. The analysis points to Resorts Word Catskills and the other three. This latest resort costs Empire Resorts and Genting a whopping $1.2 billion. Although the operators are using a lot of money, Moody’s says the market is tight.
An Indecent Proposal?
When the proposal to create four casinos is out, everyone is happy. The aim is to establish these four in different locations. Above all, this is what happens. The four casinos are different regions of Upstate New York. For instance, Catskills is a distant vacation in New York. During its heydays, the area hosts visitors who come to seek to be alone. It is a perfect place to recline. Hotels that at one point are full are now empty. The idea to create a casino in this area is forthcoming. The new facility is sitting where the largest hotel is. Concord Hotel is the largest hotel in the region. It ‘is prominent in the 50s. But the hotel closed down in 1998.
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Why Do These New York Casinos Have Low Revenue?
To confirm what Moody’s is saying, three casinos are recording low revenues. The three new facilities are recording far much their projections. Above all, this is a clear indicator that even Resorts World may go through the same path. The other three casinos are Rivers Casino Resort. The casino is in Schenectady.
The other one is Tioga Downs. The facility takes the Nichols region. And the last of the three is del Lago Resort. This one is in Seneca County. All the three are not able to meet their revenue projections. Moody’s report says a lot about which facilities take the most significant revenue share. For instance, suppose that Rivers and del Lago casinos have almost all the revenue. Above all, this is because of their strategic position. So, as Resorts World Catskills comes to the market, the operator is aware of the challenges.