Neighboring States Watch New York's Gambling Bet

Two weeks after New York voters approved a referendum that clears the way for up to seven casinos in the state, gambling experts and executives are weighing in on how bad of a hit casinos in neighboring states will take.

In Pennsylvania, the Sands Casino Resort Bethlehem could have its business threatened, according to a Morning Call report.  

The Morning Call quotes Larry Klatzkin, managing director of New York-based Rice Voelker, who said the Lehigh Valley shouldn't be concerned about upstate New York casinos. However, when New York City casinos finally come to fruition, "that will be damaging."

None of the first wave of casinos, up to four in the next seven years, would be built in New York City or Long Island. The first casinos are slated to be built upstate in the Catskills, metro-Albany and the Southern Tier. 

Sands is only 70 miles from New York City and the Morning Call reported that about 50 percent of its tables games revenue comes from gamblers crossing the border from New Jersey and New York.

Meanwhile in Connecticut, the chief executive at Foxwoods said he was in favor of New York casinos. 

According to Capital New York, Foxwoods sees opportunity in the Empire State market, and has partnered with a Sullivan County developer to redevelop a resort and casino.