New York Officially Licenses 3 Commercial Casinos

New York Officially Licenses 3 Commercial CasinosIn 2012, three firms from sixteen candidates were chosen by New York to open non-tribal commercial casinos in the state. At the time, it was announced that these firms would be subjected to stringent regulatory reviews before a casino license was officially awarded. Those necessary checks have now been completed and on Monday the State Gaming Commission unanimously granted licenses for its new gambling resorts.
New York already offers nine racetracks, and five tribal casinos for gamblers to visit, but the addition of  three selected projects is designed not only enhance the its available gambling mix, but also provide a significant economic boost for the state. In fact, according to a Gaming Facility Location Board report, the three casinos will employ more than 3,200 people, and generate around $265 million in annual tax revenues.
Montreign, the biggest of the three casino resorts, will be located outside Monticello, and is expected to cost $1.3 billion to build. Commenting after formally receiving a casino license, Empire Resorts’ Emanuel Pearlman, owner of Montreign, said:
“I’m just happy for the company and the people of Sullivan County. It’s been a long time coming.”
In addition to Montreign, the $425 million Lago Resort & Casino will be situated at Finger Lakes, while the $300 million Rivers Casino is to be built in Schenectady. These casinos are anticipated to open for business sometime in 2017, and are likely to add further to the woes of Atlantic City, which in the past has benefited hugely from gamblers visiting from its north-eastern neighbor.
This year, New York also held an online poker hearing, with experts predicting that in the eventuality of regulation around $120 million in online revenues would be generated in its first year of operation. Nevertheless, all indications show that New York may grant such licenses only after its new commercial casinos are operational.

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