Like Massachusetts, New York decided late to get into the casino business. At least, the lawmakers were not motivated in that direction until Gov. Andrew Cuomo began pushing for four casinos to be licensed in the northern part of the state.
Meanwhile, other states were building casinos at a record pace.
But, that didn’t stop 16 bidders from jumping into the competition. And that could make the future of the casinos more problematic.
Sure, experienced casino operators such as Genting BHD, the Malaysian company that operates the highly-successful slots facility at Aqueduct racetrack; and Caesars Entertainment Corp. (CSR) are among the bidders. But, they are not guaranteed a license.
The siting committee must decide whether the companies they chose can add $430 million to the state’s budget. If not, they can elect not to grant any licenses.
With recent news that four casinos were closing in Atlantic City and that regional casinos throughout the country were struggling to show a profit, the specially-selected panel may just pass, rather than set up properties that won’t make it against the competition.
“No doubt there is a saturation issue in the Northeast,” said a Genting spokesman. What resorts like ours are trying to do is attract a new clientele.
Does that clientele exist? That’s the question facing the siting committee
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