New York Casino Profits

In upstate New York, two gambling casinos opened this year and according to the New York Gaming Commission they are doing very well. These are two of four non-Indian nation casinos approved to operate by the state in 2015. They are also regulated and taxed differently than the Indian nation operated casinos in the state with the taxes split in several different ways to help the communities.

The first of the new places to gamble is Del Lago Resort Casino located at the Thruway Exit 41. This casino in the first 11 weeks in operation averaged $3 million. The casino opened February 1st and had its highest earnings in mid-February.

The second casino is Rivers Casino & Resort located in Schenectady. This casino in its first month had a week ending where it had $3.7 million in earnings. This gambling location opened on February 8th and saw its best earnings on the week of February 26th.

They both continued to do extremely well through March though in April still doing good both saw a slight decrease in earnings. Del Lago had $2.9 million the week of April 9th and then April 16th earnings were $2.92 million. Rivers had $2.9 million in earnings the week of April 9th and then later in the month $2.53 million. This was the casino’s lowest earnings since it opened.

These figures are what the two casino’s brought in profit after winnings were paid out. This amount though is before operating costs and taxes were paid out. The future for both is bright with each of the gambling resorts planning to open hotels.

The first of the four that opened was Tioga Downs in Nichols on December 2nd in Tioga County. During this casino’s first 20 weeks it averaged 1.3 million, though it has fewer tables and gambling machines than Del Lago and Rivers. The fourth casino approved is planned to open in the Monticello area of the Catskills in 2018. This casino will be named Montreign, though it will operate under the Resort World name.

New York’s Indian nation casinos do not have the same requirement to report earnings in the same manner. The three operating casinos and the fourth one will pay gaming revenue taxes to the state that 80 percent will go to support education and property tax relief. It will be divided with 10 percent of the payment split between the gambling resorts local municipalities and 10 percent to neighboring counties.

So far for Del Lago, the state’s tally of gaming revenues shows $26.1 million as of March 17th making the total taxes paid by this casino $7.8 million. This tax is based on the casino’s slots and electronic table games at 37 percent and table games at 10 percent.
Rivers casino gambling revenue through March 17th was 24.7 million and a total of $8.1 million paid. This casino in a different county than Del Lago is taxed at 40 percent for slots and electronic games, while the gaming tables is taxed at 10 percent.

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