NYC Casino takes business from Atlantic City
The year old Casino in the New York Borough of Queens, which opened in 2011 is proving to be a great draw card for Gambler in the North East. The Casino which was built on the old Aquaduct Race track is a slot machine parlor.
Not only that but its turnover is now the highest grossing slot machine parlor in the US. This is proving that many NY City customers will happily go to the somewhat less glitzy Resorts World Casino New York City instead of traveling to Atlantic City or Foxwoods or Mohegan Sun in Connecticut.
On its own it generated nearly $630 million in revenue over the last 12 months from their electronic slot machines. This exceeds the takings at any of the 12 casinos in Atlantic City, Foxwoods or Mohegan Sun in Connecticut. Average income from an electronic slot machine is extra than $370 a day, compared with $169 for slots in Las Vegas.
The casino’s success, which is the only one in one five boroughs of fresh York, suggests that no matter how glitzy the hotel or exciting the entertainment, gamblers will prefer a casino nearby. In excess of 5.6 million citizens hot within 10 miles — a short subway ride or car trip — of the casino, which saw its 10 millionth customer during November.
At the same time, the runaway success of the casino is also expected to affect how the administration of Gov. Andrew M. Cuomo moves ahead with plans to approve other, larger casinos around one state. Casino revenues in Atlantic City have dropped 36 percent, from a high of $5.2 billion in 2006 to $3.3 billion last year.
Revenues are also down at Connecticut casinos. Last month, Mohegan Sun in Uncasville, Conn., the earth’s largest casino, announced it would lay off another 328 workers, blaming New York’s Aqueduct casino in addition to the weak economy.
Genting New York, a subsidiary of the largest gambling society in England and Southeast Asia, opened the casino last fall, with 4,525 electronic slot machines and 475 electronic table games. Genting transformed the aging grandstand at Aqueduct, where racing seldom drew a crowd, into a palace packed with clanging machines, restaurants and gamblers.
There are now nine racetrack slot parlors and five tribal casinos in New York. New York’s slot parlors currently pay the highest tax rate in the US, more than the 10 percent in Las Vegas and Atlantic City. By law, one bulk (44 percent or $3.3 billion since 2006) goes to education.
There are similar success stories in other states. Gamblers no longer have to get on a plane or endure a three-hour bus ride to play slot machines and blackjack now that casinos and slot parlors have proliferated across Delaware, Maryland, Pennsylvania and Rhode Island. More casinos are on their way in Pennsylvania, Massachusetts and Maine.
With the proliferation of casinos and slot parlors, the Connecticut and Atlantic City establishments are not one only ones feeling one pinch of competition. Empire City Casino in Yonkers, until recently profitable of New York slot parlor has seen a 15 percent drop in business since Resorts globe opened.