2012-13 Fiscal Year Proves Historic for New York in Revenue, Education Funding and Agribusiness Year Ends with Record One-Month Contribution to Education of $83.5 Million
(Albany, NY) The New York Gaming Association (NYGA) today announced that the 2012-2013 fiscal year – which concluded on April 1 – was historic for New York’s gaming industry, and included record revenue generation for education and agribusiness.
NYGA’s nine racetrack casinos generated gross gaming revenues of $1.83 billion – an increase of 22 percent over the previous fiscal year – driving record funding to classrooms, agribusiness and local governments. Additionally, an all-time record high of $83.5 million was generated for education in March 2013, a 7 percent increase over the previous March.
“Our members continue to grow at a healthy rate even as gaming experts predict the Northeast market is near or at its saturation point,” said NYGA President James D. Featherstonhaugh. “New York’s taxpayers are the beneficiaries of the most successful public-private partnership between government and gaming for the entire Northeast, and we are proud to serve them.”
More than $1.2 billion of total revenue was generated for the state of New York, an increase of $267 million over the prior state fiscal year. And statutorily-driven funding for education hit an all-time high of $832 million, fully $165 million or 20 percent more than the previous year. Funding for New York’s racing industry in state fiscal year 2012-13 is estimated at $216 million, a $62 million 29 percent year-to-year increase. This funding supports family farms, breeders, feed producers, horsemen, veterinarians and other industry jobs, all of which are significant contributors to the rural economy especially upstate.
“Education funding generated by our racetrack casinos in this past fiscal year alone is enough to fund the salaries and benefits of 12,236 teachers at an average salary of $67,991,” said Featherstonhaugh. “And it’s not just school kids who benefit. Every taxpayer in the state is positively impacted by the results of the funding we generate for local governments, family farms, sustainable agriculture and the horse industry.” New York’s effective tax rate of 67 percent is one of the highest in the nation. Approximately 46 percent is dedicated to education with the remainder allocated to the administration for video lottery gaming, and support of the racing and breeding industries.
|State||GGR||% Change Y/o/Y||Tax Rate||Revenue|
|Education||Racing & Breeding||Lottery Adminstration||Local Government|
*New York State Gaming Commission Website http://www.gaming.ny.gov/gaming/