New York Gaming and Gambling industry surges
15 May 2015
Just like any other major cosmopolitan city in the world, it is always expected to have a driven and robust economy growth expansion strategy in place, in order to sustain development and society who are the ones in the end that benefit from such industry related extensions. Perhaps one of the most phenomenal cities known globally is New York. This city is a mecca of paradise for industry development and market expansion. It surely dawns fitting that the gaming industry seized this opportunity and spearheaded growth in this exceptional US. State.
In recent years New York has approved three bid applications to launch the first resort casinos. These gambling licenses where issued to the successful applicants announced at the time by State Governor Andrew Cuomo. The successful recipients were Empire Resorts, Wilmorite and Rush Street Gaming. Surely a calculated foresight and intention to extend gambling in New York as we would later see in revenue returns.
The 2014 annual report from The New York Gaming Association (NYGA) has been positioned to detail the benefits and gross returns margins that gambling and gaming industry can offer. Gross gaming revenue of $1.9 billion dollars was generated in 2014, with a staggering $864 million dollars allocated for and distributed to Education in New York. The extensive gaming report from The New York Gaming Association (NYGA) also indicate its member’s contribution of $5.5 billion dollars since 2004 to educational institutions across the State of New York. In addition to education as a beneficiary, other industries and businesses have also been assisted by the gaming and gambling industry.
Last year The New York Gaming Association (NYGA) members contributed $76 million dollars in tax, which was distributed to the US. State and local government municipalities. With the inclusion of $51 million dollars raised in investment capital, a further $1.5 million dollars was distributed through voluntary charitable giving.
In the past there have been a lobby group opposed to casinos in New York and have urged gambling regulators in the US State against granting further gaming and gambling operating licenses.
New York Gaming Association (NYGA) president James Featherstonhaugh commented saying: “We have become a $3 billion dollar industry that supports 30,000 jobs. “From bakeries and dry cleaners to family farms and breeders, many individuals, families and small businesses benefit from the presence of a New York Gaming Association (NYGA) facility in their community.”