The market for the casino industry is a challenging one for the northeast, according to a report released Monday by Moody’s.

The analysis by the rating agency’s gaming analyst Keith Foley found casinos del Lago in the Finger Lakes region and the Rivers Casino in Schenectady took a chunk of gaming revenue from its closet competitors, Finger Lakes Gaming and Vernon Downs, as well as Saratoga Springs.

“This trend, where newcomers are stealing share from incumbents, is consistent with what has been occurring throughout US gaming markets, particularly in the Northeastern portion of the US,” the report found. “We expect this to continue in eastern part of upstate New York, where another large casino, Resorts World Catskills, is scheduled to open this March.

The challengers go further than that, too, as the revenue from casinos has been lower than initially projected.

“The opening of two new large casinos in upstate New York – del Lago Resort Casino and Rivers Casino Schenectady – have helped grow state monthly gaming revenues by about 30%. However, while del Lago Resort Casino has substantially grown total gaming revenues generated in its primary market area, the property’s revenue ramp-up so far has been well below our expectations,” Foley said.

“The success of Resorts World also relies on the growing gaming market and attracting players from existing competitors. However, unlike del Lago and Rivers, Resorts World is located within reasonable driving distance from the densely populated New York metro area and has the downstate portion of New York as one of its primary market areas. That said, like del Lago, we expect Resorts World will be entering a very tough gaming market.”

The legalization of table-top casino gambling in New York was approved by voters in 2015 through a constitutional referendum, which Gov. Andrew Cuomo framed as an economic development push for upstate communities.

But the casinos have struggled with revenue amid a challenging northeast market, a trend gaming analysts had expected to see revisited in New York.