Nine Racinos pour $620 million into education, horse racing and other state entities
(Albany, N.Y.) New York Gaming Association (NYGA) members have generated nearly double the amount of tax revenue for their home state as the Las Vegas Strip and Atlantic City casinos combined, according to recently released statistics covering the first six months of 2012.
Operating at a tax rate of 68 percent – one of the highest in the nation – NYGA members have generated $620 million in tax revenue during the first six months of 2012. By comparison, the Las Vegas Strip and Atlantic City, despite having full-fledged casinos and more combined gaming activity than New York, only generated $329 million for Nevada and New Jersey.
That’s approximately 291 million fewer dollars than New York Gaming Association members. “Gaming facilities in New York operate at one of the highest tax rates in the country, and that means more money for education,” James Featherstonhaugh, president of the New York Gaming Association said. “It’s a win for taxpayers, who reap the benefits of a business that is also helping to keep their property taxes down. Our members are honored to be part of their local communities, and we are equally proud to help fund public schools and create jobs for New Yorkers.”
In the first half of 2012, NYGA members generated approximately $620 million – or 68 percent of the racinos’ biannual revenues, including $428 million for education alone, supporting 12,282 teacher’s jobs. The remaining revenue contributes to funding more than 5,500 jobs at the racetrack casinos, 35,000 overall racing and agriculture industry jobs and goes to NY Lottery for support of gaming operations.
In addition, approximately $13 million was generated for aid to local governments, providing much needed revenue. By comparison, while all of the Las Vegas Strip and Atlantic City casinos combined generated $4.6 billion in revenues, they only distributed $329 million to their respective states, according to various states gaming control boards and commissions annual, monthly, and quarterly reports. New York Gaming Association members currently employ more than 5,500 New Yorkers and have, over their history, generated $3.3 billion for education, more than $170 million in aid for local governments and $715 million in support of the New York State racing & breeding industry, impacting family farms and preserving open space.
The New York Gaming Association (NYGA) is comprised of the nine racetrack casinos located at harness and thoroughbred racing venues throughout the state. NYGA members include, Resorts World Casino New York at Aqueduct Racetrack, Empire City Casino at Yonkers Raceway, Saratoga Casino & Raceway, Finger Lakes Casino & Racetrack, Empire Resorts/Monticello Casino & Raceway, Hamburg Casino at Buffalo Raceway, Tioga Downs Casino, Vernon Downs Casino & Hotel and Batavia Downs Casino. More information on the New York Gaming Association is available at www.newyorkgaming.org