New York Casinos To Create Thousands Of New Jobs
The state of New York approved licenses for three New York casinos and will most likely approve a few more licenses in 2015 as there are a number of applications that have not yet been approved.
New York state officials are also considering the legalization of online gambling in 2015 and believe that New York could benefit immensely from the revenues generated from live casinos and online gambling websites.
The three new casinos will be the Montreign Resort Casino in Sullivan County which will be constructed with a $1.1 billion investment creating an 18 floor casino, entertainment and hotel complex that will house 391 hotel rooms, 61 table games and 2,150 slot machines. The property will have a golf course, an entertainment village spread across 200,000 square feet and an indoor water lodge spread across 80,000 square feet.
The second casino will be the Rivers Casino & Resort in Schenectady County featuring a 50,000 square foot gaming room, 66 table games, 1,150 slot machines and a 150 room hotel. The casino will be constructed with a budget estimated to be around $300 million and will create a number of green spaces on the river front.
The third casino will be the Lago Resort & Casino in Seneca County which is estimated to cost around $425 million. The casino will have 85 table games, 2,000 slot machines and a 10,000 square foot spa. The casino will also have a 40,000 square foot pool that will be able to accommodate up to 900 guests.
Andrew M. Cuomo, the governor of New York believes that New York stands to benefit immensely from the gambling industry. In a statement, Cuomo said
These projects – all funded entirely by private developers – will create thousands of local jobs, drive economic development in surrounding communities, support small businesses, and create new tax revenue to support local governments and school districts.
These casinos will also be an attraction for tourists and will create another revenue stream for the state of New York.
However, gambling analysts are not so optimistic and predict that these US casinos will not have as much impact as the governor expects. Alan Woinski, a casino analyst and president of Gaming USA believes that these casinos will cut 10% of their constructions jobs after 30 days and the revenue derived on a consistent basis from these casinos will have minimal impact on New York’s economy.
