The gaming industry in Atlantic City appears to be in free fall, but Gov. Andrew Cuomo said he is not concerned about the future success of four casinos slated for upstate New York.
Casino operators are betting on sites in the Capital Region, Hudson Valley and Southern Tier to open their next gaming facility as several are closing their doors in New Jersey due to regional competition and declining revenues.
“The state is not building any casinos and the state is not spending any money here,” Cuomo said following a press conference Tuesday in Niskayuna. “These are private companies that normally know what they are doing. If they don’t, the market will tell them that.”
Cuomo said it’s up to the casino operators pitching facilities in the state to ensure their casinos make money and attract visitors.
Five sites are being pitched for a casino in the Capital Region:
Amsterdam, with Clairvest Group and Great Canadian Gaming; Cobleskill, with Michael Malik and Full House Resorts; East Greenbush, with Saratoga Casino and Raceway and Churchill Downs; Rensselaer, with Global Gaming Solutions of the Chickasaw Nation and Hard Rock International; and Schenectady, with the Galesi Group and Rush Street Gaming.
“They will build a building and employ people and run a business because they think it is a prudent business to run,” Cuomo said. “I’m sure they will propose what they believe will be successful.”
Earlier this week, Trump Plaza casino announced it plans to shut down in September. Trump joins other casinos, including The Atlantic Club and Caesars’ Showboat, that are abandoning their operations in Atlantic City.
Moody’s Investors Service recently downgraded its outlook on the country’s gaming industry from stable to negative.
The report estimates that gaming revenue, outside of Nevada, will decrease between 3 and 5 percent over the next year.
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