New York
Related: About this forumNY's dependence on gaming revenue has grown over past two decades, says comptroller
By Thomas Alston
As the state's Gaming Commission decides which of the 17 casino proposals will receive license from the state, a report by Comptroller Thomas DiNapoli addresses the projected gains and potential concerns of gambling expansion in New York state.
The report, released May 30, discusses the fiscal implications of the upstate New York Gaming Economic Development Act, which was passed by the Legislature in June 2013 and voted into law by the public via referendum last November, authorizing the state to build up to four new resort casinos upstate.
The Gaming Act taxes the gross revenue of all New York gaming venues between 37 and 45 percent for slot machines and 10 percent for all other forms of gambling. The law then allocates 80 percent of these tax revenues from the new resort casinos toward education and the other 20 percent to local governments. The Division of Budget estimates that it will generate an additional $238 million in education funding and $192 million in local government aid. The Act is also expected to create a net increase of 2,900 permanent jobs and 6,700 temporary construction jobs.
The comptroller's report predicts however that some jobs will be lost due to a substitution effect, as revenue and jobs are diverted from existing facilities.
http://www.legislativegazette.com/Articles-Top-Stories-c-2014-07-14-88607.113122-NYs-dependence-on-gaming-revenue-has-grown-over-past-two-decades-says-comptroller.html
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hrmjustin
(71,265 posts)By Julio Olivencia
A bill aimed at increasing gaming incentives and keeping racinos open further into the morning is being criticized for targeting problem gamblers. But supporters say it is a necessary change to help racinos compete as the state prepares to authorize four new Vegas-style casinos.
The bill (A.10075/S.07833), sponsored by Sen. Jeffrey Klein, D-Bronx, would increase the amount of free play credits the casinos can offer and changes the time casinos must close from 4 a.m. to 6 a.m.
Sponsored by Assemblyman Phillip Goldfeder, D-Rockaway, and supported by the state's gaming industry, the bill is said to be an attempt to help the racinos improve declining profits.
According to Vernon Downs minority owner Gary Greenberg, the nine racinos made $2.5 million less the week ending on June 28 than it did the same week last year.
http://www.legislativegazette.com/Articles-Top-Stories-c-2014-07-14-88606.113122-Racino-bill-stirs-controversy.html
