Jackpot Elusive For 3 New Upstate New York Casinos
SCHENECTADY, N.Y. (AP) — Three new upstate New York casinos have so far failed to generate the big payoffs they projected, meaning less money shared with local towns, cities and counties.
Slot machine and table game revenue from casinos in the Finger Lakes, the Southern Tier and Schenectady have fallen short of the rosy revenue projections made when operators were applying for licenses several years ago.
State officials and casino owners argue that any revenue from Rivers, del Lago Resort and Casino in the Finger Lakes and the Southern Tier's Tioga Downs Casino and Resort represents a stream of money for localities that didn't exist before. And they say the casinos have delivered on the state's main goal of creating jobs and new economic activity in struggling areas.
Analysts blame a crowded market.