Casino revenues in New York decline 2.2% year-over-year in June, following a record-setting May.
In the heart of the bustling metropolis, New York officials are gearing up for a significant shift in the city's landscape. By the end of 2025, they plan to license three new casino operators, setting the stage for a potential gambling revolution.
One man who has been closely following this development is Grant Mitchell, a seasoned industry news expert with a wealth of experience in iGaming, sports betting, and the world of casinos. His insights are highly sought after, as he consistently holds himself to a high standard and knows a thing or two about persistence, having been a veteran of the gambling industry for many years.
The projected annual revenues for these new casino operators, particularly those in Manhattan, are nothing short of impressive. According to various consultancies, a Manhattan casino could generate around $2.1 billion per year, while a casino in Queens might bring in an estimated $3.9 billion annually within three years[1]. Another projection, for the Avenir casino project in Manhattan, forecasts over $2.5 billion in taxable gaming revenue in its first stabilized year[3].
Specific bids, such as the one for Manhattan's Freedom Plaza, are predicted to bring in $2.2 billion in the first year, potentially rising to $4.2 billion annually within a decade[1]. Caesars' Manhattan casino proposal estimates a staggering $23.3 billion in gambling revenue over a decade, averaging about $2.3 billion annually[1].
These figures, if realised, would place New York casinos among the highest-grossing resorts globally. However, it's important to note that historical variances in comparable ventures indicate that such projections can sometimes be overly optimistic, and actual revenues may fall short[1].
In summary, industry estimates suggest that the new NYC casinos could generate annual gambling revenues in the $2 to $4 billion range initially, with the possibility of growth over time. However, there is uncertainty given the historical variance seen in comparable ventures[1][3].
As we await the arrival of these new gaming destinations, Grant Mitchell's expertise and insights will undoubtedly continue to be invaluable in navigating this exciting new chapter for New York's gambling industry.
[1] Spectrum Gaming Group and ProForma Advisors reports. [3] Caesars Entertainment proposal.
- Grant Mitchell, with his expertise in online casinos, sports betting, and traditional casinos like those in Las Vegas, is anticipating significant financial gains for the new casino operators in New York, particularly those in Manhattan and potentially those in Queens.
- The inclusion of slot machines, roulette, and sports betting in these new casinos is predicted to lead to annual revenues in the $2 to $4 billion range for the initial years, with potential growth over time.
- Despite these promising projections, it's crucial to be aware of historical variances in comparable ventures, which suggest that actual revenues may not always meet the projected figures.
