Revenues Up 8% in New York While Neighboring States Continue Cold Streak
(Albany, NY) The racetrack casinos of the New York Gaming Association (NYGA) continue to outclass the rest of the gaming world in the Northeast, not only posting big numbers for the first month of 2013, but breaking the trend in neighboring states by actually showing year-to-year improvement from 2012. NYGA members had gross gaming revenues of $147 million in January, up 8 percent over the prior year. By comparison, slot machine revenues were down 1 percent in Pennsylvania and 16 percent in New Jersey – despite both states having the advantage of full-fledged casinos with table games.
“While other Northeast gaming states continue to struggle, New York’s model is thriving, allowing us to generate ever-growing revenue for education and support for the racing and breeding industry,” said NYGA President James D. Featherstonhaugh. “New York’s current gaming model is an obvious win for taxpayers and the envy of our neighboring states.”
Even with an effective tax rate of 67 percent, New York’s racetrack casinos are outperforming both New Jersey and Pennsylvania; states that enjoy more favorable tax rates of just 9.25 percent and 55 percent respectively. This means that not only are New York’s current racetrack casinos a better business model compared with other states, but they are also generating significantly more state tax revenue.
As an example, New York’s nine racetrack casinos produced approximately the same amount of tax revenue in January as Pennsylvania’s 11 casinos did in the same month. Also, New York’s racetrack casinos generated more tax revenue – $99 million – for the state in one month, than all 12 Atlantic City casinos did for New Jersey in a six-month period, just $92 million.
“Our members’ performance is a testament to the world-class management of their facilities and our incredibly successful public-private partnership with the state. But the real winners are the school kids, taxpayers, and racing industry workers who benefit from the revenue we generate,” said Featherstonhaugh.
This past month alone, NYGA members generated more than $68 million for education and are on pace to deliver a whopping $830 million for New York schools this fiscal year. At an average salary of $67,991, that would fund the salaries of more than 12,200 teachers.
|New York||Pennsylvania||New Jersey|
|Gross Gaming Revenue||147,012,859||188,244,599||138,456,608|
|% Change Y/o/Y||8%||-1%||-16%|
*New York State Gaming Commission Website
*Pennsylvania Gaming Control Board Website
*New Jersey Casino Control Commission Website
NYGA’s nine racetrack casinos employ 6,000 New Yorkers, have generated $3.8 billion for education, $170 million for local governments and $744 million in support for the racing industry including family farms, horsemen, breeders and other contributors to the state’s rural economy who preserve open space. For more information visit www.newyorkgaming.org.