The New York Gaming Association (NYGA) today released their first annual report, highlighting the revenue NYGA’s nine racetrack casinos generated for New York in 2012, including $823 million for education and a $1.7 billion impact on the state’s economy.
The report found that NYGA supports more than 17,000 jobs in New York State with an average wage of nearly $34,000 a year. The report clearly 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 New York’s market growing, while others continue to shrink.
“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 on the NYGA website
Education funding has steadily increased year-to-year since video lottery terminals began operating in 2004. In the nine years since then, NYGA members have generated $3.8 billion in total revenue for education, 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 46 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, NYGA’s success has continued well into 2013. Earlier this month, NYGA 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.
NYGA’s nine racetrack casinos employ 6,000 New Yorkers, have generated $3.8 billion for education, $170 million for local governments and $839 million in support for the racing industry including family farms, horsemen, breeders and other contributors to the state’s rural economy who preserve open space.
(NYGA)
