New York Casino Revenue Surges Ahead in 2023, Outpacing Last Year’s Growth

New York Casinos Outperform 2022

The Empire State’s gambling scene has been gaining widespread attention, especially since the legalization of online sports betting, catapulting New York into the position of the largest market in the country. With the promise of three new casinos in downstate New York on the horizon, New York is poised to cement its status as a major player in the gambling industry.

New York’s class III commercial casinos have reported impressive pre-tax revenue figures, totaling $338.7 million in 2023, marking a 2.73% increase from the first half of 2022. These figures encompass revenue generated from table games, slots, electronic table games (ETG), poker, and retail sports betting.

Meanwhile, the class II commercial gaming facilities, comprising 10 establishments, have collectively generated over $543.7 million in post-tax revenue, as per data from the New York State Gaming Commission. This represents a significant increase from the $491 million reported during the first half of 2022.

Several New York casinos, including Rivers Casino & Resort, Resorts World Catskills, and Del Lago Resort and Casino, are demonstrating performance levels comparable to their counterparts in Atlantic City, Connecticut, and Pennsylvania. In fact, these casinos are outpacing one-third of the Atlantic City market in terms of in-person gambling revenue for the year 2023.

Individual Performances of New York Casinos

Rivers Casino & Resort in Schenectady leads the pack among New York’s casinos, boasting pre-tax revenue of $104.1 million in 2023, marking an impressive 8.6% year-on-year increase. Resorts World Catskills, while experiencing a slight dip from last year, still maintains substantial revenue at $102.6 million. Tioga Downs has also seen growth, with revenue climbing from $50.1 million to $54 million, while Del Lago has reported revenue growth from $76.2 million to $78 million.

It’s worth noting that New York’s class II casinos offer video gaming machines (VGMs) that operate differently from traditional slot machines. Instead of using a random number generator (RNG), these VGMs employ a systemwide lottery to determine winnings. Two of these facilities, Resorts World New York City and Empire City Casino at Yonkers Raceway, are performing exceptionally well in 2023, outperforming two-thirds of the Atlantic City market.

Resorts World, located at Aqueduct Racetrack in Queens, has reported revenue of $169.8 million in the first six months of 2023, a notable $15.3 million increase compared to the previous year. Nassau OTB at Resorts World, despite sharing the same physical location, independently reported first-half revenue of $61.3 million, up from $59 million in 2022.

Empire City, an MGM Resorts property, has also demonstrated remarkable growth, amassing $122.4 million in post-tax revenue this year.

Jake’s 58 Hotel & Casino in Long Island, expected to undergo expansion soon, is another standout in New York’s gambling landscape. The Long Island casino has reported $61.7 million in post-tax earnings, up from $56.3 million in the prior year.

Other operators in New York, including Saratoga Casino – Hotel, Finger Lakes Gaming & Racetrack, Hamburg Gaming at Buffalo Raceway, Batavia Downs Gaming, and Resorts World Hudson Valley, have also seen positive growth in revenue in the first half of 2023 compared to the same period in 2022.

The Future Outlook

New York’s casino industry is experiencing an impressive surge in revenue in 2023, outpacing last year’s growth. With new casinos on the horizon and the potential for further expansion in the state’s online gambling sector. The individual performances of various casinos indicate a thriving and competitive landscape, with key players setting impressive benchmarks in the industry’s growth.