The gambling field of New York State has always been one of the widely discussed topics across the US since it appears to be quite densely populated when it comes to casino locations and their development. Now one of the operating facilities called del Lago Resort and Casino might be claiming support from the authorities amid the unfavorable situation in which the facility is put when it comes to its gambling revenue.
The casino industry in the state of New York could be defined as constantly providing topics for serious discussion and for the past several months they are related to the allegedly over-saturated gambling field. According to experts in the field, the decision of Gov. Andrew Cuomo to give the green light to a constitutional amendment which expanded casinos back in 2013 has been a mistake.
The reason for this judgment is that at the moment the four new gambling venues located in the region of Upstate New York find it hard to meet the expected revenue goals and amass the needed amount of money. Since the introduction of the fourth casino resort to the field, Resorts World Catskills the overall condition of the field has been witnessing even more pressure.
As it was stated in a report issued by Moody’s Investment Analysis, the construction of the new venue was expected to inevitably impact the casino field of Upstate New York and the rest of the businesses in operation. Those are Tioga Downs Casino Resort, located in Tioga County, del Lago Resort and Casino which welcomes customers in the Seneca County community of Tyre, as well as Rivers Casino and Resort which is situated in Schenectady.
del Lago Might Be Seeking Help from the Authorities
Del Lago is the venue which launched operation in February 2017 making it one of the newer locations to enter the sector. Even though prior to the beginning of operation the developer projected certain figures reflecting the expected revenue which could be generated by the venue, the reality appears to be far from the forecasts.
The month of March witnessed the news that the casino developer was looking for ways in which the state could facilitate its operation since del Lago was struggling. One of the ways this could have happened was with the reduction of taxes which are mandatory for every casino developer. In response to this proposal, the members of Governor Andrew Cuomo’s administration made it clear that they would not agree to this, as the tax rates are equal for every casino developer in the state of New York.
January saw the research company downgrade the rating of del Lago. At the moment the location has a negative outlook for the future, as it was stated in the report, which means that the casino resort might not be able to take care of its debt payments. The exact topics which have been discussed over the span of the meeting have not been disclosed as of this moment. In the light of these recent events, the casino developer and operator made it clear that it has appointed a new General Manager.
Mark Juliano has more than 30 years of experience in the field, as he has been a part of the teams of casino locations around the globe to the likings of Caesars Palace in Las Vegas, Trump Entertainment Resorts in Atlantic City and Marina Bay Sands in Singapore. Mr. Juliano is expected to bring a breath of fresh air to the operation of the casino resort in the upcoming months starting on 9th July.
