The Business Review
Saratoga Casino and Raceway took in record revenue from gambling during the past 12 months, according to new data from state regulators.
The Saratoga Springs venue posted a net win of $156 million from April 2011 through March 2012, the span of the state’s most recent fiscal year. Net win is gross revenue from gaming, the difference between money bet and winnings paid out.
Of that net win, state rules allowed Saratoga Casino and Raceway to keep a record $48 million for itself. Almost $75 million more went to fund education in New York, also an all-time high.
Saratoga’s take marks a 9 percent increase from the previous fiscal year—and the largest year-to-year jump in the past five years.
Saratoga Casino and Raceway is the state’s first “racino,” combining harness horse racing with a venue for video slot machines. Majority owner Dan Gerrity has 400 full-time employees and another 225 part-time workers.
Gaming provides the vast majority of revenue at Saratoga Casino and Raceway, though some money does come from the harness racing and the venue’s nightclub, Vapor.