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What you need to know for 01/20/2017

Report urges caution in projecting casino revenue

casinos

Report urges caution in projecting casino revenue

A state comptroller's report says much of the revenue from upstate New York's new casinos will come

A state comptroller's report says much of the revenue from upstate New York's new casinos will come from in-state residents.

Gov. Andrew Cuomo has promoted the four casinos in yet-to-be determined locations as an economic boost for the region.

The comptroller's report Friday says the casinos will likely create additional revenue for the state. But it also notes that there are casinos in neighboring states and much of the betting and revenue will come from within New York.

The report said that since casino revenues have been lower than expected in other states, New York should be cautious in projecting new revenues and expenditures.

The report says that legal gambling activity in New York totals well over $36 billion annually.

The four casino sites will be chosen later this year.

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