Tag Archives: racing

Gaming industry optimistic that voters will approve casino referendum

The Albany Times Union reports today that a leader in the state’s gaming industry, James Featherstonhaugh, is optimistic that New York voters will approve a referendum expanding the number of casinos in the state.

Featherstonhaugh’s comments came at the Saratoga Institute on Racing & Gaming Law, sponsored by the Government Law Center and Albany Law School. 

The Business Council of New York State will participate in the effort to promote passage of the referendum according to Heather C. Briccetti, Esq., president and CEO of The Council.

Saratoga Backstretch Exhibit Opening

Tonight the Brookside Museum in Ballston Spa, NY will open an exhibit, A View from the Backstretch.  As the community celebrates 150 years of horse racing in Saratoga, Brookside is honoring the people who have worked behind the scenes. The original exhibition was a collaboration of Dona McAdams, Work Force Development, and the National Museum of Racing. The exhibit will be on view through August 29, 2013. For more information, visit the Brookside Museum website.

The Business Council will also host an event in Saratoga this summer.  Our Third Annual Day at the Races will be held on Wednesday, August 21, 2013 in Saratoga.  The day will start with brunch before the races begin.  Then join us in the Clubhouse to enjoy the races and unbeatable views of the excitement of the finish line.

For more information, visit our website.

NYGA hits trifecta for taxpayers

The New York Gaming Association (NYGA) today announced that the 2012-2013 fiscal year – which concluded on April 1 – was historic for New York’s gaming industry, and included record revenue generation for education and agribusiness. NYGA’s nine racetrack casinos generated gross gaming revenues of $1.83 billion – an increase of 22 percent over the previous fiscal year – driving record funding to classrooms, agribusiness and local governments. Additionally, an all-time record high of $83.5 million was generated for education in March 2013, a 7 percent increase over the previous March.

“Our members continue to grow at a healthy rate even as gaming experts predict the Northeast market is near or at its saturation point,” said NYGA President James D. Featherstonhaugh. “New York’s taxpayers are the beneficiaries of the most successful public-private partnership between government and gaming for the entire Northeast, and we are proud to serve them.”

More than $1.2 billion of total revenue was generated for the state of New York, an increase of $267 million over the prior state fiscal year. And statutorily-driven funding for education hit an all-time high of $832 million, fully $165 million or 20 percent more than the previous year.

Funding for New York’s racing industry in state fiscal year 2012-13 is estimated at $216 million, a $62 million 29 percent year-to-year increase. This funding supports family farms, breeders, feed producers, horsemen, veterinarians and other industry jobs, all of which are significant contributors to the rural economy especially upstate.

“Education funding generated by our racetrack casinos in this past fiscal year alone is enough to fund the salaries and benefits of 12,236 teachers at an average salary of $67,991,” said Featherstonhaugh. “And it’s not just school kids who benefit. Every taxpayer in the state is positively impacted by the results of the funding we generate for local governments, family farms, sustainable agriculture and the horse industry.”

New York’s effective tax rate of 67 percent is one of the highest in the nation. Approximately 46 percent is dedicated to education with the remainder allocated to the administration for video lottery gaming, and support of the racing and breeding industries.

                            FY 2012/2013

State

GGR

% Change Y/o/Y

Tax Rate

Revenue

New York

1,825,368,936

+22%

67%

1,170,388,403

 

Education

Racing & Breeding

Lottery Administration

Local Government

831,920,649

216,126,522

182,536,895

25,867,000

Find more information on the New York State Gaming Commission website.