The New Hampshire Charitable Gaming Study Commission, via the State Lottery Commission (“Lottery”), in February 2024 contracted Spectrum Gaming Group (“Spectrum,” “we” or “our”) to undertake an independent study of market and regulatory aspects of the state’s charitable gaming program. Following are key findings and recommendations resulting from our research and analysis.
New Hampshire has 10 casinos with historical horse racing (“HHR”),1 with up to eight more to come. By comparison, the four other New England casino states combined have nine casinos, and in the 13-state Northeast region, only one state – New York, with 14 times the population and five times the land area – has more casino facilities (23) than New Hampshire could have.
Absent a legislative design, New Hampshire has effectively found itself with a free-market approach to casino gaming, although a seven-year extension of a moratorium on new HHR licenses enacted this year will, importantly, provide both the State and the operators needed clarity to move forward in a more controlled manner. It is possible that significant expansion by one or more operators – both in facility sizes and new locations – could lead to a shakeout in which smaller, less-capitalized (or less willing) operators are crowded out. At this point, however, it would be conjecture to say if or how that might happen.
Spectrum does not expect to see New Hampshire populated with large-scale casinos. Spectrum found that the charitable gaming operators are, for the most part, expanding their facilities to fit their respective local markets. In a sign of their prudent approach, New Hampshire’s operators are expanding their facilities predominantly in older or underused buildings as opposed to spending on new-build projects.