Highlighted by a new sports bar and VIP lounge, Saratoga Casino Hotel executives announced plans for a new $8 million capital project on Thursday afternoon.

“This bar is going to be transformative,” said Skip Carlson, the casino’s vice president of external affairs. “It’s going to really add energy to our gaming floor.”

Carlson acknowledges the upgrades are essential to remaining competitive after the opening of four new upstate casinos two years ago, including Rivers Casino in nearby Schenectady.

“The competition in the Northeast is fierce and to stay competitive you need to offer a higher level of amenities year after year,” Carlson said.

Unable to offer poker and table games like the four new properties are, Carlson says Saratoga's business took a hit but has since "plateaued."

"We definitely are down 25 percent in gross gaming revenue from two years ago before the casino that will not be named opened up,” he said, referring to Rivers.

The project, which also features a complete revitalization of the gaming floor, comes three years after the construction of a new hotel. If future legislation allows for it, Carlson says the space could also offer sports gambling.

“It’s definitely a product that I think every casino wants," Carlson said.

With even more competition on the way from a new casino in Boston, Carlson and local leaders believe a willingness to evolve will help Saratoga keep pace.

“We understand that other people are looking to take visitors away and we have got to do everything we possibly can to keep them here and to grow the audience," Saratoga County Chamber of Commerce President and CEO Todd Shimkus said. “The way you do that is you make sure you have the latest and greatest and the best and that’s what we are trying to do.”

“If you are not prepared to adjust to change, you are going to be left behind,” Carlson said.

Carlson said the sports bar and VIP lounge will open this fall while the rest of the project is expected to be complete by the end of the year.