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NYS Commercial Casinos Fret Over Gaming Revenue Plunge

Schenectady’s Rivers Casino & Resort recorded the smallest hit financial hit among the other four-stated regulated casinos in NY state, with a 55% drop to US$76,100,000 in gross gaming revenue, which was expected considering the unforeseeable events of the eventful 2020. Meaning that most brick-and-mortar casinos in the state have been closed for almost 6 months.

It has been a tough 12 months for the gaming industry, commercial casinos in the NY state have been impacted by the lockdown with a drop-off of 60% in gaming revenue in comparison to the previous 2019 fiscal year. For half of the calendar 2020, the land-based casinos were not operational and in the other half, they were reopened but with a reduced capacity.

Off-Season

Schenectady’s Rivers Casino & Resort has reported the smallest loss in revenue in comparison to other 4 state-regulated casinos. With a drop rate of 55% to US$76,100,000 gaming income for the whole of 2020. The commercial casino was required to pay US$26,400,000 in gaming tax, which is 55% less than last years’ amount. The non-Indian casino enjoyed a great start of 2020, with January and February not affected by the global crisis at all, in fact in comparison to the first two months of 2019 it recorded 28% more gaming revenue.

Last year Schenectady’s Rivers Casino & Resort recorded the highest gaming income out other four casinos and respectively highest taxes. In the meantime, for 2020, the Saratoga Casino had gross revenue of US$50,400,000 and US$24,400,000 in taxes obligations, which is a 60% drop-off in net compared to 2019 reports.

Next on the list is the Del Lago Resort and Casino in the Finger Lakes region, which reported a total of US$61,200,000 in gaming income, resulting in a 61 % drop from 2019. Then there is the Resorts Catskill with an estimated US$87,000,000 in gaming revenue, 58% worse than 2019’s results. Tioga Downs Casino in the Southern Tier came up with a statement of 57% worse revenue in a total of US$35,500,000 for the fiscal year.

To sum it up Saratoga and eight more New York gambling facilities recorded a drop-off of 62% over the course of 2020. The only casino that came close to Rivers and Saratoga in terms of income, was MGM Springfield in Massachusetts. With reports of a total of US$138,000,000 in net revenue and only a 52% drop from 2019. But this can be a result of being opened slightly longer than the other NY casinos.

End of the Storm

On a slightly better note, the NYS Gaming Commission announced a 210.6% increase in sports betting revenue last December when compared to December 2019. Reports of sports wagering revenue amount to over US$2,300,000 in December, for comparison with last years’ December US$740,418, but still lower in the amount of US$2,600,000 for November 2020.

Rivers Casino and Resort in Schenectady yet again topped the charts in the state with a US$949,804 in sports wagering income, which is up to 204.6% better than December 2019. Waterloo-based casino and Resort of del Lago, with DraftKings sportsbook, registered as a close second with $922,718 in betting revenue, an increase of 175.2%. Gaming revenue generated by sports wagering is something the state needs right now.

Source: « NY commercial casino revenue drops 60 percent in 2020 », Yogonet, January 19, 2021

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Author Yolina

Yolina has followed closely the latest development on the Canadian gaming scene over the past years, monitoring the land-based, lottery, and online offerings up for grabs. The dynamic nature of the local lottery and casino fields, as well as the opportunities lying ahead of Canada fire her enthusiasm for what is to come. A sports betting enthusiast, in her spare time Yolina could be found in her natural habitat – turning the pages of biographies and catching up on the latest stand-up comedy podcasts.