Schenectady Wins Local Casino License

From the NY Times:

■ The $300 million Rivers Casino on a 60-acre waterfront site in Schenectady, near Albany. The project, a joint venture of Rush Street Gaming and Galesi Group, would include a casino, a 150-room hotel, restaurants and a banquet hall. Rivers Casino would sit next to a residential and commercial development called Mohawk Harbor, which is under construction by the Galesi Group.

 

The ‘economics’ :

Before the vote, Mr. Cuomo emphasized the economic benefits.

“The risk is all on the private sector and we have only upside,” he told reporters.

A main driving force behind the casinos, he added, is “correcting for the abandonment that upstate New York received.”

Well, not really:

But the gambling industry in the United States is no longer the guaranteed gusher of jobs and tax revenues it once was. With nearly 1,000 commercial and tribal casinos in 39 states, gambling halls are commonplace, no longer an alluring novelty exclusive to Las Vegas and Atlantic City.

The competition has become so intense in the Northeast that some Wall Street analysts have described the region as saturated. And it is not just from more casinos: The growth of Internet gambling and legal, online sports betting has also meant fewer dollars to go around.

While I’m not convinced a casino is the end all and be all, Schenectady has seemingly embraced a way forward. The cries of “Schenectady is dead and a dump” appear increasingly quaint and disconnected from reality.

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