“Are you willing to cannibalize part of that revenue for a casino that is the top revenue generator outside of Vegas in this country?” ~ Chris Altruda on the possibility of New York only awarding two licenses.
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In this episode of the Straight to the Point Talking Shop podcast, I welcome back Chris Altruda, a senior analyst at Third Planet Media.
Chris and I dive right into the recent updates in New York’s downstate casino licensing process. We cover the 11 initial proposals, which have now been whittled down to four finalists: Resorts World at Aqueduct, MGM Empire City, Bally’s Bronx project, and Hard Rock’s Metropolitan Park near Citi Field.
Chris highlights surprises, such as the approval of Bally’s Bronx, where Chris questions Bally’s ability to handle large-scale builds. We also discuss the reasons behind the rejection of the three Manhattan projects.
With four candidates vying for three licenses, the big looming question is whether the state will award all three licenses or pocket the third to avoid cannibalization. As Altruda notes, Resorts World and Metropolitan Park are just nine miles apart, potentially splitting revenue in a flagging economy.
I also suggested, based on my observations in Massachusetts and Chicago, that the viability of destination casinos outside of Vegas may not be as strong as some believe.
We also explored public perceptions of gambling expansion and the potential implications of online casino legislation if only two licenses are issued.
This was a fun, wide-ranging conversation.
Chris Altruda’s author page at Casino Reports and InGame
