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What you need to know for 01/16/2017

New York state racinos outperform Pennsylvania neighbors

New York state racinos outperform Pennsylvania neighbors

Growth this year at the state’s nine racinos is in sharp contrast to the trend of Pennsylvania’s 11

Growth this year at the state’s nine racinos is in sharp contrast to the trend of Pennsylvania’s 11 casinos, according to a report by the New York Gaming Association.

New York’s racetrack casinos, known as racinos, have seen their gross revenues for the first two months of 2013 increase 3 percent compared with the same period last year. NYGA President James D. Featherstonhaugh highlighted the 5 percent decrease in revenues at Pennsylvania’s casinos during the same time period as evidence that New York has the right model.

“The world-class management of our facilities combined with the incredibly successful public-private partnership we have with the state of New York is the envy of the industry and a model for how to do gaming right,” he said in a statement. “The numbers speak for themselves. While other states struggle with saturation and cannibalization, New York is producing better comparative returns.”

At the Saratoga Casino and Raceway, about $312 million was gambled on electronic machines in the first two months of 2013, a 6 percent decrease from $332 million in the same period in 2012, according to a report on the state Gaming Commission’s website. In January and February 2011, about $262 million was gambled there.

New York’s growth is mostly due to Resorts World Casino at Aqueduct. More than $2.44 billion was gambled there in the first two months of this year, compared with $1.9 billion in the same period last year.

Michael Speller, president of Resorts World Casino New York City, said in a statement: “Resorts World Casino New York City’s model has continued to maximize gaming revenue for New York State in a manner that has not been replicated by any other facility in the nation in our nearly year and a half of operation.”

Featherstonhaugh also noted that the nine racinos generate more tax revenue for New York than Pennsylvania’s 11 casinos because the racinos are subject to a higher effective tax rate.

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