Officials have largely said they\u2019re not worried about these figures just yet. Further developments at each site could help attract more visitors. And last year, Governor Andrew Cuomo (D) said he preferred to focus on the positive aspects of the upstate casinos.<\/p>\n
\u201cThey\u2019ve all been wildly successful in creating jobs and building beautiful complexes,\u201d Cuomo said in August.<\/strong><\/p><\/blockquote>\nBut others, including Tioga Downs owner Jeff Gural, say that the regional gambling market has become oversaturated. And the situation in Schenectady shows that there are consequences when resorts fail to meet expectations.<\/p>\n
Lower Revenues Mean Less Tax Relief for Residents<\/strong><\/h2>\nWhen the city first decided to support a casino proposal in 2014, one of the stated benefits was the ability to reduce property taxes by 18 percent after the resort opened.<\/p>\n
But that was based on revenue projections from the state. Now that the real numbers are in, the 2018 budget includes just a one percent reduction in property taxes, which is offset by increased sewer and water rates.<\/p>\n
It also resulted in what the mayor is calling a small deficit, though he reiterated that the result wasn\u2019t likely to cause any stress on the city budget.<\/p>\n
\u201cWe have a good management team in place and the numbers will be well within what is manageable,\u201d McCarthy said during his state of the city speech.<\/strong><\/p>\nThe Rivers Casino and Resort was developed by Rush Street Gaming and the Galesi Group. The property, which cost $330 million to build, was built on the former site of Alco, and is part of a larger effort designed to rejuvenate the former industrial site.<\/p>\n","protected":false},"excerpt":{"rendered":"
The city of Schenectady is likely to face a budget deficit once the 2017 fiscal year comes to a close, due in large part to the significant shortfall in the revenue received from the casino that opened there early last year. According to Mayor Gary McCarthy, the city had projected that they would receive approximately […]<\/p>\n","protected":false},"author":42,"featured_media":66604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,18,61],"tags":[],"acf":[],"yoast_head":"\n
Schenectady Casino Revenue Coming Up Short of Expectations<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n