ALBANY - Through the first two months of 2013, New York's gaming model continues to be the envy of the Northeast. The racetrack casinos of the New York Gaming Association (NYGA) continued to best surrounding states, showing strong growth with gross revenues for the first two months of 2013 up three percent over the same time period in 2012. NYGA's nine members posted a net win from video lottery terminals of nearly $294 million, up $8.7 million.
By comparison, Pennsylvania's 11 casinos saw a decline of more than $22 million during the same period for their slot machines despite enjoying the competitive advantage of offering table games.
"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," said NYGA President James D. Featherstonhaugh. "The numbers speak for themselves. While other states struggle with saturation and cannibalization, New York is producing better comparative returns for all our stakeholders, especially education."
In January and February 2013, NYGA members produced $136.5 million for education, $3.3 million or 2.5 percent more than the same period in 2012. New York's racetrack casinos generate more revenue for the state than Pennsylvania's do for its commonwealth because of a higher effective tax rate, 67 percent and 55 percent respectively.
"Even with an extra day in February 2012, a leap year, and Winter Storm Nemo in 2013, we were able to post positive gains," said Featherstonhaugh.
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