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Statewide Current Economic Analysis

Statewide Current Economic Analysis

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Published by Casey Seiler

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Published by: Casey Seiler on Feb 16, 2012
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02/16/2012

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Racetrack Casinos in New York State:
Current Economic Impact ± Part One
 
January 2012
 
 
Racetrack Casinos in New York State: Current Economic Impact ± Part One1 Appleseed
 
T
able of Contents
Executive Summary .................................................................................................................... 2Introduction ................................................................................................................................. 4Part One: New York¶s Racetrack Gaming Industry ± Current Economic Impact .......................... 5Racetrack casinos as employers ............................................................................................. 7The impact of purchasing and construction ............................................................................. 9Indirect and induced effects ..................................................................................................... 9Electronic gaming operations ................................................................................................ 10Support for New York¶s racing and breeding industries ......................................................... 11Impact of off-site spending by visitors to New York................................................................ 13Impact on state and local government revenues ................................................................... 14Supporting local communities ................................................................................................ 15Putting it all together.............................................................................................................. 16
 
Racetrack Casinos in New York State: Current Economic Impact ± Part One2 Appleseed
 
Executive Summary
Since it was authorized by the legislature in 2001, racetrack gaming has emerged as asignificant and growing element of New York¶s recreation and entertainment sector ± a sourceof jobs and economic growth, and a significant and growing contributor to state and localgovernment revenues.
Th
e impact of current operations
 As of late 2011, New York¶s nine racetrack casinos directly employed 5,431 people, 97 percentof whom are New York state residents.The impact of the nine casinos¶ current operations includes:
y
The nine casinos¶ spending on payroll, purchasing and construction;
y
The Lottery Division¶s contracts with companies that maintain and operate the Division¶snetwork of video lottery terminals that have been installed at the nine casinos;
y
The financial support that the casinos provide for horse racing and breeding; and
y
Off-site spending by out-of-state visitors to the casinos.Including all of these elements, we estimate that, as of the end of 2011, New York¶s racetrackcasinos directly and indirectly accounted for:
y
 
More than $1.96 billion in state-wide economic output;
y
 
More than 17,400 jobs; and 
y
 
 A
bout $863 million in earnings (salaries and wages).
 As of the end of 2011, we estimate that the operations of the nine racetrack casinos and relatedenterprises directly and indirectly generated:
y
 
More than $1.06 billion in annual State government revenues; and 
y
 
More than $73 million in annual revenues paid to local governments in New York State.
The casinos¶ contribution to education funding ± $830.5 million ± is by far their largestcontribution to state and local finance in New York State. To put this amount in perspective,
acontribution of $830.5 million is equivalent to paying the salaries of more than 11,900 elementary and secondary school teachers throughout New York State.
 

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