|Farmington, NY – May
2013 / Hospitality 1ST / Released earlier this week, the first
annual New York Gaming Association
(NYGA) report, highlights the revenue NYGA’s nine racetrack casinos generated
for New York State in 2012, including $823 million for education, a $1.7
billion impact on the state economy and supported more than 17,000 jobs
statewide. The report demonstrates how New York’s current gaming model
is the envy of the Northeast, if not the nation, a fact that is increasingly
confirmed by monthly revenue totals that show Finger
Lakes Casino & Racetrack (FLCR) and other NYGA member locations
growing, while others continue to shrink.
FLCR is no exception. Education funding from FLCR has steadily increased year-to-year since video lottery terminals began operating in 2004. In the 9 years since, FLCR has generated over $451 millionin total for education, including $61.6 million in 2012. FLCR also directly employed nearly 500 in 2012, with that number projected to increase to 575 later this year upon opening of a $12 million expansion.
“We firmly believe the current gaming model in New York has proven over time to be a model public-private partnership,” said FLCR president and general manager Chris Riegle. “Our continued year-over-year growth in funding education, providing jobs and contributing to local tax bases is a testament to its success.”
“It goes beyond the numbers. Our members have a special commitment to the communities in which they operate,” said NYGA President James D. Featherstonhaugh. “The most important facet of the New York gaming model is that it is by, for and about New Yorkers. And as this report shows, our nine existing facilities are tremendous economic assets that should be nurtured and developed.”
The full report can be found at newyorkgaming.org/Home.aspx.
Statewide, NYGA members have generated $3.8 billion in total revenue for education since 2004, including $823 million in 2012. At an average salary of $67,991, the 2012 total would fund 12,100 teachers in New York. Furthermore, the indirect economic impact of funding these teaching positions is in excess of $629 million – bringing the total economic impact of NYGA’s education funding to $1.4 billion in 2012 alone.
NYGA’s nine racetrack casino’s also directly employed nearly 6,000 New Yorkers in 2012, with compensation exceeding $160 million. Taking into account the impact of purchasing, construction, support for the racing industry, out-of-state visitor spending and other factors, in 2012, NYGA was responsible for more than 17,000 jobs and nearly $1.7 billion in economic impact.
Finally, NYGA’s members also contributed heavily to charitable organizations throughout 2012. More than $3.1 million was contributed to organizations in the home communities of the nine racetrack casinos, including more than $1 million to the Red Cross, Catholic Charities and other relief organizations following Hurricane Sandy.
New York’s effective tax rate on slot and electronic table game machines is 67 percent, one of the highest in the nation. Approximately 45 percent is dedicated to education with the remainder allocated to lottery operations, capital investments and the racing and breeding industries.
While the annual report only covers 2012, FLCR’s success has continued well into 2013. Earlier this month, FLCR announced that the 2012-2013 fiscal year – which concluded on April 1 – was historic for FLCR and New York’s gaming industry as a whole, including record revenue generation for education and agribusiness. FLCR generated gross gaming revenues of $129 million – an increase of 3.6 percent over the previous fiscal year – driving record funding to classrooms, agribusiness and local governments. All nine of NYGA’s nine racetrack casinos generated gross gaming revenues of $1.83 billion – a 22 percent increase over the previous fiscal year. Additionally, an all-time record high of $83.5 million was generated for education in March 2013 by NYGA members, a 7 percent increase over the previous March.
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