Record betting at racino
The Saratoga Casino & Raceway had a record $2 billion gambled at its video lottery terminals for the fiscal year of 2011-12.
The racino paid out $1.9 billion in winnings and contributed $74 million to the state's education coffers. A total of $48 million goes to the racino, which includes money for marketing, floor operations and capital projects, according to data for the period from April 2011 and ending with March 2012. In total, the state's nine racinos generated $666 million for education and more than $750 million for their own interests.
A new cost this year was subsidized free plays, promotional tools that are paid for by gambled funds and totaled almost $16.5 million this past fiscal year in Saratoga.
"The racino business is alive and well. The citizens of New York state have attended racinos in New York state in record numbers to support the local racino in the communities they live in. The nine racinos are now ready to bring the next step of gaming entertainment to New York state, full casinos," said Gary Greenberg, minority owner of Vernon Downs, which is one of the sites with VLTs.
At the Saratoga racino, gambling expenditures were $1.69 billion in fiscal year 2010-11 and increased by almost $400 million in the past fiscal year. This led to $8 million more for education and $4 million more for the racino's commission.
The marketing allowance for the racino, which is about nine percent of the money lost by gamblers, was about $14.5 million for the recent fiscal year. This money goes towards advertising, marketing and promoting VLT play.
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View earnings for the last eight years:
Racino FY 2011-12Earnings