In a note put out by Bank of America Global Research this week, the bank projected that adding three new casinos to the New York City area would make New York the second-largest commercial gaming state in the U.S.
It projects that the three downstate facilities would combine for roughly $5 billion in annual gross gaming revenue (GGR). With 10 proposals on the table from some of the largest casino operators and real estate developers in the country, the competition to be selected for licenses will be intense. Bank of America sees the projects to be chosen benefiting from high population density, domestic and international tourism, and attractive initial tax rates.
