Suffolk OTB Hope Islandia Casino Gets Them Out of Debt

It seems that Suffolk County Off-Track Betting organization’s last resort to settle its debts and avoid bankruptcy is the plan to open a new video lottery (VLT)casino in Long Island. The operator is projected to generate an annual $2 billion in gross revenue, out of which Suffolk OTB would be entitled to $164 million per year.

According to OTB executives, the operator is going to benefit the local economy by creating new jobs and reducing expenses for community members traveling to neighboring states in order to gamble. Suffolk OTB has been trying to get the project going for four years despite vehement antagonism towards the plan and a lawsuit filedby local community representatives.

Approval forthe casino site at the Islandia Marriott Long Island hotel has already been granted.

Suffolk OTB have been making unsuccessful attempts at improving their financial standing by cutting costs since 2012. Currently, it is clear that only additional casino revenues can help them counter bankruptcy.

Research in the field of gambling claims that VLT casino revenues are not subject to long-term upward trends, falling into decline after several profitable years. 

Recent Posts

UK Gambling Commission issues a £6m fine to online operator Casumo

The UK Gambling Commission has issued a £6m (EUR 7.0m / USD 8.2m) penalty to online operator Casumo for severe…

3 weeks ago

Dutch Remote Gambling Act comes into force April 1

The Dutch Gambling Authority (Kansspelautoriteit/Ksa) expects that by October 1 this year, roughly 6 months from the enactment of the…

3 weeks ago

888 Holdings report a staggering 52% increase in revenue during 2020

Amidst a global pandemic, 888 Holdings has reported a staggering 52% increase in revenue during full-year 2020 to $849.7 million…

4 weeks ago

Playtech and Flutter shake hands on another 5 years

Playtech, a leading global gambling technology company, have announced the extension of their partnership with Flutter Entertainment for its Paddy…

4 weeks ago

Will FUN Token be on solid ground in iGaming?, a large online (crypto) casino is ambitious and is looking to turn the FunFair (FUN)Token into the token of…

4 weeks ago

Has Swedish regulation failed?

Gustaf Hagman strongly believes so. In a recent interview with Gambling Insider, the LeoVegas Chief Executive Officer expressed his concern…

2 months ago