Slots in NY
The slot machines at NY tracks aren't meeting the projections of casino operators (drf article).
[T]he per-day figures are languishing well below projections. By far the biggest surprise is Empire City at Yonkers Raceway, where the per-machine figure through the first five months of the year is approximately $172 for 5,500 machines, in contrast to projections that the casino would likely post $400 per-day figures because of its proximity to New York City. In addition, the casino at Vernon Downs in upstate New York is reaping approximately $101 a day from each machine, a figure that has led the operator of the track to threaten to close unless the facility is granted tax relief.
These are dreadful numbers. Racinos at Prairie Meadows and Moutaineer Park have per machine net revenue of between $250 and $300.
The best quote is from State Rep. Gary Pretlow (D) of Westchester County (the home of Yonkers)
[T]he per-day figures are languishing well below projections. By far the biggest surprise is Empire City at Yonkers Raceway, where the per-machine figure through the first five months of the year is approximately $172 for 5,500 machines, in contrast to projections that the casino would likely post $400 per-day figures because of its proximity to New York City. In addition, the casino at Vernon Downs in upstate New York is reaping approximately $101 a day from each machine, a figure that has led the operator of the track to threaten to close unless the facility is granted tax relief.
These are dreadful numbers. Racinos at Prairie Meadows and Moutaineer Park have per machine net revenue of between $250 and $300.
The best quote is from State Rep. Gary Pretlow (D) of Westchester County (the home of Yonkers)
Where was it written that this was a risk-free business? When you tell me that Vernon Downs is threatening to close, my answer is that [the operators] knew what they were getting into. They agreed to this legislation. And where is this money supposed to come from? Education? I don't think anyone wants to vote for that.
Yeah, great except that the money from lottery doesn't go to education. The bulk of it goes to a slush fund for the state. If it went to education, New York would have the best schools in the nation, but they do not.
Also, a Las Vegas report called New York State the worst state in the country to run a casino in. Sounds to me as if the New York Government is more corrupt than any other in the nation and it is time to make changes.
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What's that non-sequitur about a lottery? If the racino operator wants a bigger subsidy (in the form of tax relief) to operate slots then the state has to get that money from somewhere; education, crime fighting, higher taxes on other things.
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