With an Effective Tax Rate of 67% NYGA Members Have Generated More Than $77 Million for Education in the Month of May
(Albany, NY) New York Gaming Association (NYGA) members continue to be one of the state’s most reliable sources of education funding, easing the burden on taxpayers by generating more than $77 million for education in the month of May, an increase of nearly 12 percent over the prior year.
New York’s racetrack casinos pay an effective tax rate of 67 percent of their Gross Gaming Revenue (GGR), one of the highest in the nation. Since January 2013, NYGA members have generated over $371 million for education, a 6 percent increase over the same period last year.
Last month New York’s racetrack casinos also generated $21 million in support of the racing and breeding industry, up 15 percent over the same period last year, helping to strengthen Upstate’s important agricultural industry and to encourage the preservation of open space.
During the month of May, New York’s nine racetrack casinos experienced an over 11 percent increase in GGR from $155 million to $172 million. By comparison, Pennsylvania slot revenues suffered a decrease of approximately 1 percent, their sixth consecutive monthly decrease over the previous year.
“The model by which our nine racetrack casinos operate is a winning model, and no public sector reaps those benefits more than New York’s schools,” James Featherstonhaugh, President of the New York Gaming Association said. “Our facilities continue to thrive, breaking our own records month after month. When we win, New Yorkers win.”
|GGR||% Change Y/o/Y||Tax Rate||Total Revenue|
|2013 May||2012 May||Difference||% Change Y/o/Y|
|Education||Racing & Breeding||Lottery Adminstration|
|State||2013 May||2012 May||% Change Y/o/Y|
*New York State Gaming Commission Website http://www.gaming.ny.gov/gaming/
*Pennsylvania Gaming Control Board Website http://gamingcontrolboard.pa.gov/?p=216