New York Gaming Association Members Generate More Tax Revenue than Neighboring PA, CT & Atlantic City

New York Sees 10% Increase While PA, CT & Atlantic City Continue Decline NYGA Members Generate $74 million for Education in June (Albany, NY) New York Gaming Association (NYGA) members continued positive growth for the year by generating more than $164 million in gross gaming revenues for the month of June, representing a 10 percent increase over the same period last year. By comparison, June slot revenues fell 11 percent in neighboring New Jersey’s Atlantic City, 10 percent in Connecticut and 3 percent in Pennsylvania. NYGA members also generated over $110 million in tax revenues for the month of June, more than Pennsylvania, Connecticut and Atlantic City, including $74 million for education, an increase of $6.5 million or 10 percent. In addition to funding for education, NYGA members also generated nearly $20 million to the racing and breeding industry and $16 million for video lottery program operations. “NYGA members continue to increase revenues,” said NYGA President James D. Featherstonhaugh. “Our facilities are tremendous economic assets that provide good paying jobs and reliable funding for our schools and support the racing and breeding industry.” 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 percent from June 2012 to June 2013. In contrast, the New York market continues to grow.