Extraordinary Revenue Generated by New York State Gaming Association Members (Albany, NY)
The nine racetrack casinos that make up the New York Gaming Association (NYGA) generated nearly $667 million for education in fiscal year 2011-2012, according to recently released data by the Division of Lottery. As part of NYGA’s ongoing support of education, 47 percent of their net win is given to the Lottery to fund New York’s education system.
“Through our partnership with the Division of Lottery and the State of New York, we have been able to generate substantial revenues for education,” James Featherstonhaugh, President of NYGA said. “We have been not only a significant source of funding but a reliable one as well and we look forward to increasing that contribution by hundreds of millions of dollars, bringing our contribution to over $1 billion next year.”
In 2011-2012, revenue generated by NYGA members for education was equivalent to the annual salaries of approximately 9,560 teachers. Since 2004, New York Gaming Association members have generated $3.15 billion for education in New York. In addition to these financial contributions to the Lottery, the New York Gaming Association also contributes to the state and the communities in which their racetrack casinos are located. In the same fiscal year (2011-2012), NYGA members have generated approximately $26 million in aid to struggling local governments. Since 2004, NYGA members have generated over $145 million in aid to support local governments.
More information on the New York Gaming Association is available at www.NewYorkGaming.org and the full Lottery report is available at www.nylottery.ny.gov. The New York Gaming Association advocates for, and advances the interests of the state’s nine racetrack casinos, located at harness and thoroughbred racing venues in all four corners of New York.
The Association works in partnership with state government on long-term strategies to financially bolster education, create jobs, support agriculture, horse racing and breeding; and maximize economic revenues to the state that will benefit all New Yorkers. ###