Open More Casinos in New York – The Capital Of Entertainment

Open more casinos in New York is entirely possible, with the state approving three full-service casinos.

This is seen as a seismic shift, as these locations are likely to attract new jobs, tourists and increased revenue.

Some analysts say establishing a gaming venue in the city could change the US gambling landscape by tapping directly into the largest market in the country. Casino resorts built in the downtown area have been a rarity in the past.

However, whether the plan will succeed as promised is uncertain. Evidence from other metropolitan areas shows that casino companies’ tax revenue projections are often overstated and the economic benefits diminish over time.

Setting up a casino in the city could change the US gambling landscape, but it’s also a double-edged sword for locals.

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The full cost of building a casino, including the impact on existing businesses, crime and addiction, can be difficult to measure.

“The projections from entertainment operators are considered a ‘drop in the ocean.’ But there is still potential for some positive impacts,” Enrique Zuniga, a representative of the Massachusetts Gaming Commission (MGA), said when a new Wynn Resorts casino was approved and opened near Boston.

Casinos In Urban Areas

Across the US, casinos have rebounded strongly following the lifting of Covid-19 restrictions. Gambling revenue surged to a record high last year, according to the American Gaming Association, as customers used their savings to try their luck.

The casino industry has long wanted to tap into America’s “Big Apple,” with its estimated 8.5 million residents and global appeal as a tourist destination.

The most obvious comparison is the Encore Boston Harbor resort (near Boston). When it opened in June 2019, it was one of the first Las Vegas-style resort casinos in the heart of a major metropolitan area.

Less than a year later, when the pandemic hit, Encore, like the rest of the entertainment industry, was hit. Even in the months before the pandemic, the casino — which cost $2.6 billion to develop — missed its revenue targets.

A spokesperson said the casino is unlikely to fully reopen until September 2021 after the “freeze.” The casino has paid about $531 million in taxes and fees to state and local governments so far.

Lucy Dadayan, a senior research associate at the Urban Institute, said the benefits of gaming establishments are short-lived.

The only way for states to achieve sustainable growth is to open more casinos or legalize new forms of gambling. Such as online betting or sports betting.

“When a new casino opens nearby, people come to try it because it’s new. A year later, it’s gone,” Dadayan said.

Unlike the past, when most U.S. casinos were in rural or suburban areas. The number of urban casinos has also increased significantly.

However, this also causes major problems. A 2004 report by the University of Buffalo found that people living within 16 km of a casino. There will be twice the risk of problems compared to residents living further away.

Open More Casinos In New York is ‘A Double-Edged Sword’

In a paper published this year that looked at gambling venues in 39 states from 2002 to 2017, Boise State University professor Jonathan Krutz found that the economies of places with casinos did not grow faster in retail sales than those without.

For open more casinos in New York to reap the maximum benefits, they would ideally attract a significant number of out-of-town visitors to their convention centers, hotel rooms and restaurants, according to a report from Spectrum Gaming Group.

Cities around the world have experimented with casino regulations that try to squeeze the most money out of tourists while minimizing the harm to locals.

In Singapore, for example, foreigners can enter casinos for free while locals have to pay.

Companies have proposed opening up entertainment venues from Times Square to Coney Island and the Citi Field parking lot in Queens.

At least two of them could create Monte-Carlo-style luxury casinos.

Mayor Eric Adams has said he wants two-thirds of the casinos to be in New York’s five boroughs.

The entertainment industry would also provide jobs for residents and build schools to train people who want to be croupiers.

But some economists say the service-sector positions are also underpaid, reducing the potential for real economic growth.

Last year, the median annual wage for a worker was $29,120, according to the Bureau of Labor Statistics.

In addition, casinos can be taxed at higher rates than other businesses. And the money often goes to schools, police departments, and infrastructure projects.

Part of that is because new casinos compete for the same clientele in established areas.

“Philadelphia is a big city with two casinos, but it’s not a place known for gambling. Open more casinos in New York is not,” he said.