A new $90-million casino opens in Moncton Tuesday, and that has government officials on P.E.I. worried about the financial health of the Island's two casinos.

P.E.I. is projecting a 17 per cent drop in gambling revenues this year, in part due to the new competition from New Brunswick.

"It's certainly a concern to us," Finance Minister Wes Sheridan told CBC News Monday.

"We've been looking at this for almost a year and a half now and we've taken quite a few steps to try and shore up our operation here on Prince Edward Island."

One of the biggest steps has been rebranding the old racinos. The racino label, used when the operations were all about VLTs and horseracing, has been dropped. Now with slot machines and Texas hold 'em, the two facilities are marketed as full-fledged casinos under the name Red Shores Racetrack and Casino.