New York’s Racetrack Casinos Continue Growth While Neighboring States Continue Decline

New York Sees 7% Increase While PA, CT & Atlantic City Slump This Month

NYGA Members Generate $74 million for Education in April

(Albany, NY) New York Gaming Association (NYGA) members continued positive growth for the year by generating more than $167 million in gross gaming revenues for the month of April, representing a 7 percent increase over the same period last year. By comparison, April slot revenues fell 14 percent in New Jersey’s Atlantic City, 7 percent in Connecticut and 4 percent in Pennsylvania.

New York’s racetrack casinos also generated over $112 million in tax revenues for the month of April, including $74 million for education, an increase of $5 million or 7.4 percent. In addition to funding for education, NYGA members generated $20 million to the racing and breeding industry and $17 million for video lottery program operations. “NYGA members are proud to be a shining example of an exceptionally successful public-private partnership,” said NYGA President James D. Featherstonhaugh. “Especially when compared with our neighboring states, the strength of the New York model is backed by our numbers and our ability to increasingly generate much needed funding for schools, and support for the racing and breeding industries.”

New York’s 67 percent effective tax rate is one of the highest in the nation – compared to New Jersey/Atlantic City at 9.25 percent, Connecticut at 25 percent and Pennsylvania at 55 percent. According to the American Gaming Association’s 2013 State of the State analysis, New York ranks among the top three states in tax revenue generation, including $823 million in support of education in 2012.

The strength of the New York model is further highlighted by comparing it to the Northeast region as a whole. Excluding New York, the other Northeast gaming states – Connecticut, New Jersey, and Pennsylvania – collectively witnessed a decline of 8.6 percent from April 2012 to April 2013. In contrast, the New York market continues to grow.

April Gross Gaming Revenue
State April 2013 April 2012 Difference % Change
New York 167,872,658 156,413,707 11,458,951 7.3%
Pennsylvania 205,155,406 214,149,502 (8,994,096) -4.2%
New Jersey 161,685,948 188,832,177 (27,146,229) -14.4%
Connecticut 97,100,000 104,435,102 (7,335,102) -7.0%

April Tax Revenue

State April 2013 April 2012 Difference % Change
New York 112,474,681 104,797,184 7,677,497 7.3%
Pennsylvania 112,835,473 117,782,226 (4,946,753) -4.2%
New Jersey 14,955,950 17,466,976 (2,511,026) -14.4%
Connecticut 24,300,000 26,108,776 (1,808,776) -7.0%

April NYS Education

April 2013 April 2012 Difference % Change
73,835,137 68,750,310 5,084,827 7.4%

*New York State Gaming Commission Website http://www.gaming.ny.gov/gaming/ *Connecticut Department of Consumer Protection http://www.ct.gov/dcp/cwp/view.asp?a=4107&q=482876 *The Day Connecticut http://www.theday.com/article/20130516/BIZ02/305169595/1044 *New Jersey Casino Control Commission Website http://www.state.nj.us/casinos/financia/ *Pennsylvania Gaming Control Board Website http://gamingcontrolboard.pa.gov/?p=216