New York’s Upstate Casinos See Revenue Drop as Traffic Slows

Article by : Erik Gibbs Dec 15, 2023

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A prolonged period has passed since New York’s brick-and-mortar casinos witnessed a downturn of this magnitude. This dip is an intriguing consequence of the industry’s extraordinary success over the past twelve months.

Data sourced from the New York State Gaming Commission reveals that in November, the four upstate commercial casinos collectively generated $54.1 million in total gross gaming revenue, marking the state’s most lackluster performance since February.

Despite an 8.3% year-over-year decline, this figure cements its status as the third-best November in the state’s seven-year history.

This curious juxtaposition of a monthly decline and historical ranking underscores the industry’s complex dynamics and the challenges posed by comparisons over a longer time horizon.

The ebb and flow of fortunes within the casino sector are evident, with occasional dips punctuating an otherwise thriving narrative.

The fiscal conclusion for Upstate NY casinos hasn’t been stellar, marking a suboptimal trajectory for revenue as November extends the streak to five consecutive months with lower monthly revenue compared to the same period in 2022.

It’s crucial to contextualize this downturn by recalling the exceptional records set in the preceding year, making 2022 a benchmark for the Empire State’s casino industry.

In November, New York witnessed a noteworthy milestone as state tax revenue from retail casinos surpassed $1 billion over their lifetime, with reported figures reaching $13.3 million.

Despite this financial triumph, the month lacked much celebration within the casino industry. An example lies in the slot revenue, which amounted to $36.99 million, marking the lowest total since February 2022.

In 2022, New York’s casino landscape etched its name in history, amassing a remarkable $690.5 million in total Gross Gaming Revenue (GGR).

Fast forward to November 2023, and the four upstate casinos, which had reached just under $634.1 million during the same period in 2022, now stand at $624.6 million.

To surpass the record, these establishments would need to report nearly $65.9 million in December, a figure seemingly unattainable given historical data.

Even the best-ever month in New York, July 2021, recorded nearly $63 million, and last year’s December peak was $56.5 million. Consequently, it appears that the annual NY casino revenue record set in 2022 will likely remain unchallenged.

Zooming in on individual casinos, Rivers Casino in Schenectady maintained its lead with a total GGR of $16.8 million.

While slot revenue hit a low at $11.6 million, the property saw a silver lining with table revenue reaching $4.7 million, the highest since March and the second-best total since July 2017.

Resorts World Catskills marked its second-lowest monthly total since April 2021 at $15.7 million. Del Lago Casino, with $12.9 million in GGR, experienced mixed results, featuring its lowest total GGR since May, lowest slot revenue since February, and lowest sports betting revenue since January.

However, the casino saw a positive uptick with its best table games revenue since July, amounting to $2.8 million.

Lastly, Tioga Downs, consistently ranking fourth for 32 months, closed November with $8.6 million in total revenue, marking its lowest point since December 2022.