NYS Gaming Commission reports casinos lacking performance

SCHENECTADY, N.Y. (NEWS10) – Local politicians and business owners had high hopes for Rivers Casino.

But, the current numbers don’t appear to live up to their expectations.

In its opening week Rivers Casino made more than $3 million.

But, if you take a look at its most recent numbers, it doesn’t appear as if they’re on track to make as much as expected.

“Overtime, I think that they will reach those projections,” said N.Y.S. Assemblyman Angelo Santabarbara.

Assemblyman Angelo Santabarbara isn’t disappointed by the latest numbers on rivers casino in Schenectady.

According to the New York State Gaming Commission, operators projected that by its third year, the venue would make $223 million dollars in gross gaming revenue within the year.

But, so far since opening day in February to August, the casino has only made around $82 million.

While the numbers don’t look good on paper, some argue that will change once this site and the other sites surrounding the casino are completed.

“The best is yet to come. We’re going to see more jobs; we’re going to see more investment. When you drive out of here if you look down the road you will see projects that are taking place now because of this site,” Santabarbara said.

Construction is happening all over and in the years to come, you’ll find apartments, restaurants and a waterfront right next door to the casino; in what developers are calling Mohawk Harbor.

“The construction jobs alone, more than a million man-hours have been put into this site. Those construction jobs alone have supported local families, regional families,” Santabarbara said.

But, the bottom line is in seven months, the casino only made 37 percent of its projected third year earnings.

“You’ve got to give it time because I think they are putting our community first. You will see that the investment is something that is significant,” Santabarbara said.

NEWS10 ABC reached out to the casino for comment but have not heard back at this time.

 

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