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NY Racinos Outpacing Atlantic City

Published: February 19, 2013 5:30 pm ET

Last Comment: February 20, 2013 12:02 pm ET | 2 Comment(s) | Jump to Comments

The racetrack casinos of the New York Gaming Association (NYGA) continue to outclass the rest of the gaming world in the Northeast, including New Jersey - a point not lost on standardbred interests in the Garden State.

Not only did New York's racinos post big numbers for the first month of 2013, but they bucked the the trend in neighbouring states by actually showing year-to-year improvement from 2012.

NYGA's nine racetrack casino locations had gross gaming revenues of $147 million in January, up eight percent over the prior year. By comparison, slot machine revenues were down one percent in Pennsylvania and 16 percent in New Jersey – despite both states having the advantage of full-fledged casinos with table games.

“While other Northeast gaming states continue to struggle, New York’s model is thriving, allowing us to generate ever-growing revenue for education and support for the racing and breeding industry,” said NYGA President James D. Featherstonhaugh. “New York’s current gaming model is an obvious win for taxpayers and the envy of our neighbouring states.”

Even with a tax rate of 67 percent, New York’s racetrack casinos are outperforming both gaming facilities in New Jersey and Pennsylvania; states that enjoy more favourable tax rates of just 9.25 percent and 55 percent respectively.

The NYGA feels that "not only are New York’s current racetrack casinos a better business model compared with other states, but they are also generating significantly more state tax revenue." New York’s racetrack casinos generated more tax revenue – $99 million – for the state in one month, than all 12 Atlantic City casinos did for New Jersey in a six-month period, just $92 million.

“Our members’ performance is a testament to the world-class management of their facilities and our incredibly successful public-private partnership with the state. But the real winners are the school kids, taxpayers, and racing industry workers who benefit from the revenue we generate,” said Featherstonhaugh.

In January 2013, NYGA members generated more than $68 million for education and are on pace to deliver a whopping $830 million for New York schools this fiscal year. At an average salary of $67,991, that would fund the salaries of more than 12,200 teachers.

With New Jersey's casinos struggling, Standardbred Breeders and Owners Association of New Jersey President Tom Luchento issued a letter to the Asbury Park Press on Monday suggesting the state "look at gambling in New Jersey with a clear eye" stating his case for expanded gaming at racetracks.

In Luchento's letter he refers to an Asbury Park Press editorial of Feb. 15 (“Stop playing bad hand in A.C.”), stating "the struggles of Revel and other casinos in Atlantic City, which have lost gambling dollars to casinos and racinos in Pennsylvania, Delaware and New York, have made it clear that the state has put its bet on the wrong horse."

Luchento would like to see New Jersey follow New York's model and offer expanded gaming at the Meadowlands Racetrack.

"Given the latest decision by the state to permit Atlantic City’s casinos to serve as a hub for statewide Internet gaming without benefit of a referendum, there would seem to be no legal obstacle to expanding slots and table games outside of Atlantic City’s borders."

February 20, 2013 - 12:02 pmWith this sort of evidence

Lynne Magee SAID...

With this sort of evidence and testimony that casinos outside of racetracks don't fare nearly as well as racinos, why is the government, Paul Godfrey and the OLG still trying to shove off-track casinos and bingo halls down our throats? Kickback of some sort? What else would encourage them to be so insistent that their so-called 'modernization plan' should continue when all numbers and statistics say otherwise?

February 20, 2013 - 10:38 amEveryone who reads this needs

Al Hudgins SAID...

Everyone who reads this needs to send a copy to every MPP


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