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Racetrack Statewide Report 2-28-12

Racetrack Statewide Report 2-28-12

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Published by: Michael Gareth Johnson on Feb 28, 2012
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02/28/2012

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Racetrack Casinos in New York State:
Current and Future Economic Impacts of Live TableGames
January 2012
 
 
Racetrack Casinos in New York State: Current & Future Economic Impacts of Live Table Games1 Appleseed
 
Table of Contents
Executive Summary ................................................................................................................... 2Introduction ................................................................................................................................ 7Part One: New York’s Racetrack Gaming Industry – Current Economic Impact ......................... 8Racetrack casinos as employers ...........................................................................................10The impact of purchasing and construction ...........................................................................12Indirect and induced effects ...................................................................................................12Electronic gaming operations ................................................................................................13Support for New York’s racing and breeding industries .........................................................14Impact of off-site spending by visitors to New York ................................................................16Impact on state and local government revenues ....................................................................17Supporting local communities ................................................................................................18Putting it all together ..............................................................................................................19Part Two: The Impact of Enhanced Gaming ..............................................................................20Investment in new and expanded facilities .............................................................................20The impact of expanded operations .......................................................................................21Impact on support for horse racing and breeding ...................................................................23Impact on visitor spending .....................................................................................................24Impact on state and local revenues .......................................................................................25Putting it all together ..............................................................................................................26
 
Racetrack Casinos in New York State: Current & Future Economic Impacts of Live Table Games2 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.Throughout this report, the term “enhanced gaming” is used to describe the proposedConstitutional amendment, which would permit live table games and slots in the State of NewYork.
The 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:
The nine casinos’ spending on payroll, purchasing and construction;
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;
The financial support that the casinos provide for horse racing and breeding; and
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:
 
More than $1.96 billion in state-wide economic output; 
 
More than 17,400 jobs; and 
 
About $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:
 
More than $1.06 billion in annual State government revenues; and 
 
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,
contribution 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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