The New York State Gaming Commission has announced the results of a new study that examines the economic, demographic and commercial factors affecting the gaming industry in the state. The study, conducted by Spectrum Gaming Group, found that in addition to the gaming growth achieved between 2015 and 2020, the gaming industry has the potential for further growth.
New York State Gaming Commission reveals results of gaming market study
The New York State Gaming Commission announced Tuesday that a new study analyzing the state's regulated gaming industry has been completed. The report was conducted by Spectrum Gaming Group. The firm analyzed economic, demographic and commercial factors that affect the gaming industry in the state.
"This report provides a valuable tool for the Commission and policymakers to use as they discuss the future of the gaming industry in New York".
Brad Maione, spokesman for the New York State Gaming Commission
In a statement, Brad Maione, a spokesman for the Gaming Commission, emphasized that the report contains valuable data that can be used in discussions about the future of the gaming industry in the state by both the Commission and policymakers. In addition, Mr. Maione emphasized that the publication can help inform fiscal decisions.
State's gaming industry has growth potential
The study confirmed the inevitable impact of the COVID-19 pandemic on the industry. Based on the analysis, Spectrum has determined that in 2023. The industry will slowly return to pre-COVID-19 levels.
Focusing on the growth potential of gross gaming revenue, the study found that Downstate counties have greater growth potential. The study estimated that GGR has growth potential from $970 million to $4.49 billion in New York. In addition, Spectrum found that Long Island has GGR growth potential from $606 million to $1.13 billion.
The study found that the growth potential of GGR in New York City can be realized by creating new gaming venues . On the other hand, the potential of the Metro-North region can be supplemented with an approved Orange County video lottery site, as well as expansion of Downstate gaming facilities . The study confirmed that such gaming expansion could negatively impact existing gaming facilities.
Another topic covered in the study was mobile sports betting. According to Spectrum, revenues would stabilize in about 3 to 5 years after the launch of mobile sports betting in New York. If the tax rate is set at 10% for both retail and mobile sports betting, it is estimated that tax revenue for the state would be between $72 million and $104 million.
Growth of gaming sector creates new jobs
A new study found that between 2015 and 2020, the growth of the gaming industry in the state was significant. In 2015, about 12,000 people were employed in casinos and lottery gaming outlets. However, that number increased to 15,700 jobs in 2020. Also, according to the study, of that total, about 3,400 people are employed at four commercial properties in the Upstate that are expanding their operations.
According to Spectrum researchers, the sector as a whole employs about 32,000 people . Although the expansion in the north of the state contributed 17% to total employment growth, it accounted for 75% of growth in the sector between 2015 and 2020.