With New York looking to add more casinos in the state, the current casino market continues to thrive. May was a month to remember for casinos in the Empire State.
Casinos reported a whopping $63 million in gross gaming revenue in May, the second-best month ever for New York casinos.
It was a 10% jump from last May’s $57 million, meaning the state’s limited casino model is working.
All 4 casinos saw increases
All four commercial casinos brought their A-game in May, as lawmakers consider adding New York online casinos to the state’s gaming menu.
Leading the pack was Rivers Casino & Resort Schenectady with $19.7 million in gaming revenue in May, up from $18.4 million in April. And most of it came from slots, where players wagered over $182 million.
Not far behind was Resorts World Catskills with $18 million in revenue, a 6% increase over the prior month.
But the real gem in May was de Lago Resort & Casino. The casino that serves Rochester and Syracuse reported a 19% increase from April with $15 million in revenue.
Finally, Tioga Downs Casino Resort clocked in with $10 million, a 4% increase over April.
Slots and electronic games fare well
Slot machines and electronic table games did the heavy lifting in May, with $45.4 million in revenue compared to April’s $42.3 million.
Gamblers dropped more than $576 million in slots and electric table games last month, which was about $53 million more than the month before. That was even with 12 less machines in operation (5,202 compared to 5,214 in April). The average daily win per device climbed from $270 to $281.
Players threw down $76.2 million on table games, up from $70 million in April.
More revenue for the state
When casinos earn more, the state benefits, too. In May, the industry contributed $15.4 million in taxes to the state, up from $14.1 million in April.
That should rise in the future as New York looks to add three more casinos to the mix. There are several companies competing for the three licenses expected to be available soon for downstate New York, and each represents a financial commitment of at least $1 billion and a license fee of $500 million.
Nonetheless, these figures aren’t scaring the big dogs in the industry, as the next batch of contributors to New York casino revenue could likely be one of below operators:
- Caesars Entertainment
- Hard Rock International
- MGM Resorts
- Bally’s
- Mohegan
