New York Board Approves Location For Three Casinos

New YorkNew York recently announced that it had granted permission for three casino’s to be constructed and the locations have also been finalized. There were a total of sixteen applications sent in and the New York Gaming Facility Location Board had the option of approving four locations for gambling resorts. However, the board decided at this point of time that three locations were sufficient.

Six out of the sixteen applications sought out a location in Orange County but all of them were declined as the board felt that it constructing a casino in Orange County will significantly hinder downstate gaming facilities.

Atlantic City officials were happy to hear that no casinos were approved in Orange County as it would have severely affected gambling revenue in Atlantic City.

For the last twelve months, gambling revenue in Atlantic City have dropped significantly and four out of the twelve casinos in Atlantic City have closed down. One of the reasons gambling revenue in Atlantic City has declined is because casinos in neighbouring such as Pennsylvania have poached a large number of gamblers from Atlantic City. If the New York Board approved a casino in Orange County, it would have been another huge setback to Atlantic City who are desperately trying to revive the struggling gambling market.

New Jersey officials licensed online gambling in November 2013 expecting to earn high revenues from the online gambling industry. Things did not go as per plan and the online revenues generated have been well below initial expectations. Total gambling revenues in New Jersey during 2006 was $5.2 billion but dropped to just $2.9 billion in 2013 causing a number of gambling establishments to shutdown their operations.

Sen. Raymond Lesniak has tried hard to get the gambling industry back on track in New Jersey but has faced a lot of opposition from different parties. In a statement, Lesniak said

The competition is sucking revenues out of the state and jobs out of the state. We can bring those jobs back and those revenues back and reinvest in Atlantic City to transform Atlantic City into more than a casino town.

Gambling analysts in New Jersey felt that an approval in Orange County would have been devastating for the New Jersey gambling market. The closest casino is at Montreign Resort Casino in Thompson, N.Y. The other two casino locations are far away from New Jersey and will not pose much of a risk.

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