Vernon Downs Casino Hotel Racing & Entertainment generated $46.2 million in gross gaming revenue in 2014, including $14.5 million for education.
Tioga Downs Casino Racing & Entertainment produced $62.3 million in gross gaming revenue in the same year, including $21.5 million for education.
The figures are part of New York Gaming Association’s (NYGA) 2014 annual report, which details the industry’s statewide economic impact. Altogether, NYGA members in 2014 generated gross gaming revenue of $1.9 billion, including $864 million dedicated to education.
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Both Vernon Downs in Vernon and Tioga Downs in Nichols (Tioga County) recently distributed similar press releases about the NYGA report. Jeff Gural, chairman and CEO of American Racing and Entertainment LLC, owns both facilities, which both opened in 2006.
The Albany–based NYGA “advocates for, and advances the interests of the state’s nine racetrack gaming facilities, located at both harness and thoroughbred racing venues across the state,” according to its website.
Vernon Downs said it directly employs 492 local residents and produces a total economic impact of $85.5 million. Tioga Downs said it directly employs 436 local residents and boasts a total economic impact of $119.3 million.
Vernon Downs and Tioga Downs offered racing under prior ownership dating back to 1953 and 1976, respectively, according to their news releases.
Since 2004, the gaming industry has grown to have a statewide impact of $3 billion, and supports the jobs of 30,000 New Yorkers, approximately 6,000 of which are directly employed by NYGA members, the report said.
Collectively, NYGA members have produced nearly $5.5 billion for New York schools since 2004, it added.
The annual report details NYGA’s support for the state’s racing industry, both Standardbred and Thoroughbred.
The industry in 2014 generated $213 million in support of trainers, family farmers, grain and feed producers, veterinarians, blacksmiths, grooms, equipment suppliers, and others. It also earmarked another $26 million for support of breeders.
Taxpayers also benefited in 2014, with NYGA members generating $76 million in tax revenue for state and local governments, according to the news releases.
Contact Reinhardt at ereinhardt@cnybj.com
