And that’s just for under 3 Months.
By Tom Precious
Updated: Thursday, January 12, 2012 7:31 PM
Posted: Thursday, January 12, 2012 7:11 PM
In a state unaccustomed to rosy equine industry fiscal numbers, New York officials are going out of their way to hail the breaking of the $1 million mark in proceeds to a Thoroughbred breeding fund from the new casino at Aqueduct.
The Resorts World Casino at Aqueduct has provided $1 million in revenue sharing funds to the New York State Thoroughbred Breeding and Development Fund since it opened the VLT parlor Oct. 28, the state announced Jan. 12.
Officials estimate the breeding fund will total $12 million this year from the Genting New York facility.
The Aqueduct racino for the week ending Jan. 7 saw an average net win per machine of $368 on its 5,000 VLT devices on a total net win for the week of $12.9 million. In contrast, the next closest casino–at Yonkers Raceway–had a per-machine net win during the same week of $305 on its 5,380 machines, according to statistics from the state’s lottery agency that oversees the VLT programs.
During the final three months of 2011, the Aqueduct casino reported $1.4 billion in “onscreen credits” being wagered on the VLT devices and a net win of nearly $90 million. Genting’s take during that period–from its 38% commission–amounts to $34 million, while the state brought in $39 million that is to be earmarked for public school funding. From Genting’s “agent commission,” the New York Racing Association gets 3% for operating expenses and 4% to fund capital expenses and maintenance costs of its tracks.
John Sabini, the state’s top racing regulator who is also chairman of the breeding and development fund, called the $1 million mark in revenue sharing for the fund from the Aqueduct casino “excellent news for the Thoroughbred breeding industry in New York and the entire horse racing industry.”
The breeding fund said money it collected from the casino will be released in February for awards earned in November and December. Additional funding will be released through supplementary awards approved by the fund’s directors. The fund had previously increased breeder award levels by 50% beginning Jan. 1 as a result of the new revenues from the casino.
“New York’s horse breeding industry will benefit greatly from this revenue stream,” Tracy Egan, the fund’s executive director, said in a written statement.
The new money comes after a tough few years for New York’s breeding operations. Genting, meanwhile, is pushing a plan to further expand casino operations at Aqueduct, as well as the development at the facility of the world’s largest convention center.
Michigan is another State unaccustomed to rosy anything let alone to the Thoroughbred Equine Industry. Here we don’t have a racing regulator we don’t even have The Office Of Racing Commissioner anymore since 2009. Funny horse racing here was taking from agriculture and placed under Gaming. Yet I don’t know that I ever saw a machine at any race track here that even resembled a VLT. So why we were placed under the jurisdiction of the MGCB is beyond any of us.
All I know is what Racinos can do for not only the Horse Racing Industry and to all the jobs connected to it. But don’t tell me Michigan can’t use an extra $39 Million in Revenue.
Mind you this is just the money this N.Y. race track brought in since they opened on Oct. 28, 2011 just two and a half months ago. You do the math on an entire year.
$12 Million as the article states will go into N.Y. States T.B. Breeding fund this year. Other percentages go to the track and NYRA to fund & operate with a gigantic chunk going to the State. And they’re looking to expand.
Here the charity casinos are booming and the State gets nothing. Proposal 1 in 2004 was a joke. The only thing it did was prevent further gambling to the very first gambling establishment.
But you can go a mile down to the nearest strip bar, bowling alley, etc… and still gamble.
The only Re-Invention Michigan has done is think of new ways to commit financial suicide the same way they killed off Pinnacle Race Course and tried to blame it on the county. The county didn’t allot us 84 racing dates then slash them to just 3 in 2009-2010. And the local news media here still eludes to the fact that because of what the State did to us, Pinnacle was never finished therefore it was virtually impossible to produce the amount of promised jobs.
Well I’m happy for the N.Y. T.B. Horsemen/Women. Say a prayer for the T.B. Horsemen here that don’t even have a track to race at this year let alone have the benefit of a Racino to go beyond survival.
I said long ago this would be a Win Win situation here. Nobody has listened and nobody cares. After all Michigan is loaded with money, we don’t need a thing. Right Governor Snyder?
Just wait until Ohio opens their Racinos, one as close as Toledo. They’re only being delayed by two months.
Racino = Save the Horse Racing Industry + Aid the State. Something we once did alone with our $400 Million in Revenue and our reward in the end was being discarded.