New York Gaming Summary
New York has a lottery, Tribal Government casinos, and racinos.
In 2001, the New York Legislature voted to permit video lottery terminal gambling at racetracks. The first such facility opened in 2004, and there are currently nine racinos open throughout the state.
Taxation:VLT vendors are allowed to keep 32% of revenues from the first $50 million 29% of revenues from $50 million to $150 million, and 26% on all revenues over $150 million. In additon, VLT vendors are given an 8% marketing allowance for the first $100 million of revenues and 5% for all revenues over $100 million. The effective tax rate ranges from about 60% downward.
Development: The New York Lottery's sole mission is to earn revenue for education. Fundamentally, the Lottery is run as an entertainment business. A dedicated team of some 350 New York Lottery employees work with business partners and 16,500 retailers statewide to provide innovative, fun, and entertaining games for our customers. Games include drawings like Numbers, Mega Millions and Lotto and some 35-50 new instant game (scratch-off) tickets. The Lottery's Video Lottery business includes the new Resorts World NY Casino in New York City as well as casinos in Yonkers, Saratoga and six other locations statewide. .
The New York Lottery was enacted into the New York State Constitution by voters as a result of a ballot initiative in 1966. The Lottery contributed nearly $2.9 billion to help support education in New York State in fiscal year 2011-12 which is over 15 percent of total state education funding to local school districts. It continues to be North America's largest and most profitable Lottery, earning over $45.4 billion in education support statewide since its founding over 40 years ago.
Beneficiaries: Lottery Revenue is distributed to local school districts by the same statutory formula used to distribute other state aid to education. The amount of funds disbursed by the Education department, under the state budget process, is based upon estimated Lottery earnings at the time of budget passage. In the event Lottery earnings exceed budget estimates, those additional funds become part of the next year's Lottery aid distribution. Committed to maintaining the highest standards for financial integrity, the New York Lottery's drawings and annual financial statements are monitored and audited independently.
For more information see the New York Lottery website.
|Lottery data (fiscal year)|
Total revenue is total ticket sales sales plus interest earned on the lottery fund balance and miscellaneous revenue sources . Prize liability is the total amount of prize money paid back to winners. Net Revenue is the total revenue minus vendor and retailer commissions and prize payouts and operating expenses; it is equal to "operating income." Prize and net revenue percentages are taken from the total revenues.
|Racino data (fiscal year)|
"Slots" is the total number of slot machines reported for the fiscal year in question. "Slot Revenue" is the total amount, in dollars, won by casinos. Win/Slot is the average win per slot machine for the year, "Win/Slot/Day" us the average win per slot machine per day for the fiscal year in question. "Hold %" is the average hold percentage for all slot machines for the fiscal year in question.
|New York Gaming Timeline|
1966: Voters approve a referndum legalizing a state lottery, with proceeds benefiting education
1967: Lottery sales begin
1970: Legislature legalizes parti-mutuel off-track betting
1971: First legal off-track betting facility opens in New York City
1973: New York Legislature establishes the Racing and Wagering Board to oversee all horse racing activities and all pari-mutuel betting activities, both on-track and off-track, in the state
1993: The Racing and Wagering Board is given the authority to regulate Class III gambling
1993: The Oneida Indian Nation of New York opens the Turning Stone Casino Resort in Verona
1999: The St. Regis Mohawk Tribe opened the Akwesasne Mohawk Casino in Hogansburg
2001: The legislature in authorized operation of video loery terminals (VLTs) at several New York racetracks
2002: The Seneca Nation of Indians opens the Seneca Niagara Casino & Hotel
2004: In January, Saratoga Gaming and Raceway opens
2004: In February, Finger Lakes Gaming and Racetrack opens
2004: In March, Fairgrounds Gaming and Raceway opens
2004: In May, Seneca Allegany Casino opens
2004: In June, Monticello Gaming and Raceway - Mighty M opens
2005: In May, Batavia Downs Gaming opens
2006: In July, Tioga Downs Gaming opens
2007: In July, Seneca Buffalo Creek Casino opens
2007: In October, Yonkers Raceway - Empire Cit yand Vernon Downs Gaming open
2011: In October, Resorts World casino at Aqueduct opens
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Last modified Thursday, 29-May-2014 14:43:21 PDT