NY Racino Revenues Jamming State Coffers
Having embraced the racino format as a logical way to help bolster its economy and employ tens of thousands of residents, New York State has collected $620 million in revenues through the first six months of 2012 from its nine racino locations.
A report by the New York Post explains that the state's 68 per cent tax rate on the racinos allowed New York to rake in nearly double the $329 million combined that Las Vegas and Atlantic City casinos generated for their home states.
“Gaming facilities in New York operate at one of the highest rates in the country, and that means more money for education," New York Gaming Association's James Featherstonhaugh was quoted as saying in the report. “It’s a win for taxpayers, who reap the benefits of a business that is also helping to keep the property taxes down.”
(With files from the New York Post)
This money certainly does not
This money certainly does not go to the education in our state. There are schools in NY that do not have enough money to buy text books. So I'd like to know where this 620 million has gone.
Critics disparage the 68
Critics disparage the 68 percent tax rate but when it allows a flourishing industry (racing) to generate jobs and spin off economic effects it seems to work out well for the state coffers. I wonder if anyone in Queen's Park is listening?