The State of New York is making huge plans to create a gaming complex where the Aqueduct racetrack now is. The state plans on working with Genting, a company based in Malaysia, to build the $4 billion centre.
A casino was already built on the premises last October, and now New York Governor Andrew Cuomo wants to expand the property. The expansion would help to make the venue the biggest convention in the country with over 3000 rooms.
It seems that ths decision is a result of a competitive spirit that has been building up in various states located on the East coast. Just last month, Massachusettes announced the construction of four new gambling venues, which would compete with New York’s tourism market. The state of Ohio has also announced plans to build its first casinos this year, creating more competition on the East coast.
In these difficult economic times, states are looking for new and innovative ways to generate government revenue. Tourism dollars undoubtedly bring in a great deal of money, and gambling profits are even more lucrative.