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