New York Casinos Earn $56 Million in October, NYC Casino Race Nears Conclusion

New York’s commercial casinos generated $56 million in revenue in October, rising 4.3% from the previous year’s figure of $53.7 million. 

The latest published revenue numbers in the New York Gaming Commission’s monthly report coincide with the news that a major casino operator, MGM, has withdrawn its bid to secure one of the three new casino licenses in the state, as the contentious bidding process comes to a close. 

Whichever operators are eventually approved will enter a market that appears to be thriving. The four existing casino venues reported $43.1 million in slot games revenue, a year-on-year increase of 7.1%, while table games generated $11.7 million, down 7.7% year-on-year. Poker and retail sports wagering made up the remainder of the total, reporting revenue of $831,340 and $438,556, respectively. 

Del Lago Surpasses Resorts World Catskills

The October figures show that Del Lago casino has now overtaken Resorts World Catskills as the second-highest revenue generator in the state, showing a 10.6% revenue rise year-on-year, while Resorts World Catskills actually recorded a drop of 0.7% to $14.2 million. 

The biggest revenue earner in the state, however, is the Rivers Casino, which showed a $17.7 million revenue return in October, up 2.4% on last year, while fourth-placed Tioga Downs also improved year-on-year, by 6.5% to $9.6 million in gross gaming revenue. 

MGM Pulls Out of Casino Race

The ongoing bidding process for one of New York’s downstate casino licenses has already proven controversial, and in a new twist, MGM Resorts International unexpectedly withdrew from the process last month. It had been bidding for a license to operate a casino in Yonkers, just north of New York City, which is one of the last major untapped gambling markets in the US. 

In announcing the decision, a statement from MGM Resorts International focused on the changing parameters of the licenses, reading, “The newly defined competitive landscape, with four proposals clustered in a small geographic area, challenges the returns we initially anticipated.”

The company had invested heavily, including its 2018 purchase of Yonkers Raceway and the adjacent Empire City Casino, in preparation for its bid, and its withdrawal is a major surprise, with Yonkers Mayor Mike Spano calling foul play at the unexpected decision.

Mamdani Wins Mayoral Race as Downstate Casino Race Nears Finish Line

With MGM out, the three remaining downstate casino projects are moving toward final approval. Resorts World Queens would expand the current Aqueduct Racetrack site into a full-scale casino. Steve Cohen’s Hard Rock Metropolitan Park at Citi Field promises a mixed-use entertainment complex, and Bally’s Bronx plan would turn the former Trump Links golf course into a new casino.

 All three bids have received local approval, but the state’s Gaming Facility Location Board and New York State Gaming Commission will make the ultimate decisions, with input from local Community Advisory Committees. The decision also coincides with the arrival of a new mayor, although Zohran Mamdani’s office has no authority to award or deny licenses. 

The Mayor-elect, however, had previously expressed his skepticism towards the license race, calling gambling “haram” as well as telling reporters in August that he expressed doubts on the city’s plans to award licenses, yet remained firm that he respected the decision of voters. 

“I’ve been open about my personal skepticism, and yet I also know this is the law,” he said. “The siting and the choices of which casinos will open, that pertains to the state.”