IAG JANUARY 2015 - page 33

January2015
inside
asiangaming
33
to keep gambling dollars from crossing their borders to these new
properties. Despite all this activity, there still remains one large
pocket of untapped casino growth potential in theNortheast—New
York City, with a metropolitan-area population of 20 million and
millions of visiting tourists.
“I think there isstill latentdemand for casinosandcasinogaming
in theNewYorkmetropolitanarea includingLong Island, Suffolkand
Queens,” says Steve Rittvo, chairman of The Innovation Group, a
Colorado-based gaming consultancy andmanagement firm. “There
is a chance for realmarket growth there.”
However, outside of New York City, gaming observers warn that
growth throughnew casinodevelopmentmay be close to its peak in
theNortheast.
“Areas with unmet casino demand are few and far between in
the US these days,” says Bill Lerner, a principal withUnionGaming
Group, a Las Vegas-based investment brokerage. “New York City,
Texas, Georgia, maybe parts of Florida, and that is it. Adding forms
of wagering like table games to some establishedmarketsmay lead
toshort-termgrowth, but otherwise thedevelopment of anewcasino
doesnot lead tooverallmarket growth; it is takingdollars away from
an existing in-statemarket or contiguous state.”
It’s long been accepted that withnearly 1,000 commercial and
tribal casinos in 39 states, the days are long gone when gambling
was a novelty for Americans, an indulgence once limited to Las
In theUS,morecasinos
arecoming to thecrowded
Northeast—and theremaybe
toomanyalready
By
PaulDoocey
Northern
EXPOSURE
W
hen you think of a hot spot for casino gaming
within theUnitedStates,chancesare theNortheast
isnot thefirst area that springs tomind.
But the region from Pennsylvania to Maine
has actually been the nexus of much casino
development activityof late, thanks in largepart to thevoter approval
of land-based resort development inMassachusetts, the decision by
theNewYorkLegislature toadd fourupstatecasinos—threeofwhich
won approval inDecember—the recent approval of a second casino
for Philadelphia and counter-moves in neighboring jurisdictions
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