$700 Million Gambling Complex Coming To Catskill Mountains
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The Catskill Mountains used to be one of the biggest tourist destinations in the world. Their hotel resorts were known for their grand style.
The area is now planning for a revival. On Monday, plans were released for a $700 million gambling complex in the Mountains. It will be created by private developers.
The Concord Hotel will be the place of the relocation of Monticello Gaming and Raceway, owned by Empire Resorts. The casino would have slot machines. Harness racing would also be available at the establishment.
Not much opposition is being waged against the proposal. The state Racing and Wagering Board is the only hurdle that must be cleared for the project to move forward. They would need approve the project.
The revenue that will be generated by the new project is expected to be double what Empire is currently paying per year to the state. Currently, $70 million a year is being paid.
The harness track is going to rival the best in the country when it is completed. The casino floor would be inside the hotel. The whole project will equal a total of 1.5 million square foot for the project.
“The creation of thousands of jobs will permeate throughout the entire upstate economy and bring the formed Concord Hotel back to its glory as one of the region’s truly great convention, destination and resort hotels,” said Concord Associates managing member, Louis R.Cappelli.
Atlantic City Casinos Facing Difficult Challenges With Revenue Down
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Atlantic City for a quarter of a century was the destination of gamblers on the East Coast. The city is contemplating legalizing sports betting in their casinos, a move that can not come soon enough.
Revenue dropped again in January. This time ten percent at casinos in Atlantic City. It follows a trend. Revenue has now decreased in twelve of the past thirteen months.
Last year was not a good one for a city that used to compete with Las Vegas for casino gambling bragging rights. Several of their mainstay casinos have been torn down, and some prominent owners have pulled out. The year also saw the first time in thirty years that revenues decreased from the year before.
The addition of casinos with slot machines in the neighboring states to New Jersey is one reason for the decrease. The economy can be considered as another factor.
While the numbers are discouraging, there could be help on the horizon for the struggling casino industry in the city. Three of the biggest casinos in AC are getting face lifts that could revive business in the area. The Taj Mahal, the Borgata, and Harrah’s are all in the process of adding casino space and upgrading their casinos.
All eleven of the casinos in the city reported revenue decreases in January. Table game revenue was down 1.5 percent to $120.8 million. Slot revenue dropped to $234.2 million, down a whopping 13.9 percent.