It will be several years before visitors arrive, but the Rivers Casino and Resort at Mohawk Harbor project is already helping the city’s fiscal health.
Mayor Gary McCarthy on Tuesday said that Moody’s Investors Service last month affirmed the city’s bond rating at A3 and removed the negative outlook in part because of expected increased revenue and sales tax growth from construction and tourism from the development on the former ALCO site.
“It’s what’s happening in Schenectady across the board, and the bottom line is that this is good for residents and businesses in Schenectady,” said David Buicko, chief operating officer of Rotterdam-based Galesi Group, which owns the 60-acre site on Erie Boulevard and partnered with Rush Street Gaming of Chicago on the $450 million project with a casino, an affiliated 150-room hotel, a five-acre marina, more than 300 apartments and a 124-room Marriott hotel.
Buicko also credited the mayor’s efforts to combat blight and praised the Metroplex Development Authority’s projects that have revived downtown.
Nelson, Paul. “Boost from a Casino-to-be.” Times Union. N.p., n.d. Web. 04 Feb. 2015.