In 2022, retails casinos in New York enjoyed the industry’s best year ever.
2023 is on pace to top it.
With $59.2 million in gross gaming revenue in August, the four upstate NY casinos could challenge for the state’s first $700 million calendar year.
NY casinos hitting stride 7 years in
Nearly seven years after the first upstate commercial casino opened, the New York industry has apparently found a groove.
Last year, the four gambling facilities combined for just over $690.5 million in gross gaming revenue (GGR).
It marked a year-over-year jump of nearly $100 million and reprsented about 20% of lifetime revenue since NY casinos opened in late 2016.
So far, it seems as if 2023 will top its predecessor, with $455.05 million in GGR through August – albeit by a slight $2 million edge over 2022.
|Year||Gross Gaming Revenue|
|*Shortened by COVID-19|
Examining upstate NY casinos in August
Overall, New York casinos put together their highest revenue month since March, yet the total represented a 2.2% decrease year-over-year.
Among the four properties, only Resorts World Catskills saw an annual increase. In fact, Resorts enjoyed its best month since November 2022 with a total of $19.6 million.
Rivers Casino Schenectady also saw its best month since March at $17.6 million.
On the flip side, Tioga Downs had its second-lowest revenue total in 2023.
|Casino||Total GGR||Slots||Table Games||Poker||Sports Betting||Total Tax|
|Tioga Downs||$8,737,026||$7,736,805 893||$837,168||$41,725||$121,328||$2,962,640|
Downstate NY casino licensing finally making progress
The NY casino industry, almost seven years old, now has several lifetime milestones in sight, including $4 billion in total GGR and $1 billion in state tax revenue.
While the upstate casinos will hit those landmarks on their own, the next wave of benchmarks will be reached quicker. After all, the state has finally made progress in the downstate licensing process.
According to a 2021 study from Spectrum Gaming Group, state gaming tax revenue from downstate NY gambling facilities would range from $1.4 billion to $1.7 billion in 2025.
Incremental tax revenues to the state by adding New York City-area casinos could reach $842 million. For perspective, through August, the four upstate casinos have generated just over $970 million in state tax revenue since December 2016.