Caesars is planning to expand into New York’s new commercial casino industry, but will face competition from casinos in neighboring states.
The State of New York is currently reviewing commercial casino licenses as a means to boost commerce and employment in the economically depressed upstate region. One company that is gunning hard to open a casino there is Caesars Entertainment.
In accordance with American gambling laws, New York legalized commercial casino gambling in 2013. Caesars is bidding for one of four available licenses and wants to build a casino near Woodbury Commons some 50 miles north of New York City.
State gaming regulators have pledged to make final decisions and issue licenses later this fall, and construction on the state’s four casinos should begin next year. The state government is optimistic, but the industry will have to compete with casinos in New Jersey, Pennsylvania, Connecticut and Massachusetts.
Caesars looking to diversify its revenue stream
The Las Vegas casino company has struggled in recent years due to fallout from the post-2008 economic recession, but it now operates one of the first online casinos in the US in New Jersey and is looking to expand into New York.
With land-based operations in Las Vegas, Atlantic City and New York along with online casinos Caesars would be the most diverse gaming company in the US.