Moody’s report finds New York casinos ‘cannibalizing’ revenues Stephen Williams, Schenectady Daily Gazette · January 25, 2018 at 9:11 pm The opening of Rivers Casino & Resort in Schenectady and a second new casino in central New York has helped state gaming revenues but hurt their closest competitors in an already crowded regional gambling market, according to a new analysis by Moody’s Investors Services. The credit rating agency, which headlined its report “Cannibalization of gaming revenue continues in the Northeast,” said the opening of Rivers last February has led to a decline in revenue for the Saratoga Casino Hotel in Saratoga Springs, which offers video lottery gaming and live harness racing, but doesn’t have the live table games available at Rivers. The report reflects what critics of New York state’s efforts to promote casino gaming said would happen if casino gaming was expanded. Within barely a year’s time, three full casinos have opened upstate, in competition with each other and with eight video lottery casinos, all of which have opened in the last 15 years. Until 2001, horse racing and non-profit organizations’ games of chance were the only legal forms of gambling in New York state, if Native American casinos are excluded.