New casinos in NY post dismal revenues

The three new commercial casinos in New York have apparently failed to live-up to the state’s expectations.

Reuters reported that the newly opened casinos posted below-than-expected gambling revenues, with gross receipts at one gaming hall off about 40 percent.

The three casinos reportedly remitted a total of $50.2 million to the state coffers. The officials, who were interviewed at the annual meeting near the Saratoga thoroughbred track, failed to mention their expected tax revenue from these gambling halls for this year.

The New York State Gaming Commission was more understanding, saying that the created jobs in New York and construction spending have exceeded expectations.