The State Senate on June 8 approved a tax-relief bill, but as of Tuesday, the State Assembly “has not shown any signs of making the same effort,” Vernon Downs said in a news release.
Vernon Downs owner Jeff Gural, chairman of American Racing and Entertainment, announced closing dates for different parts of the entertainment complex.
The casino, Champions Buffet, Ring Eyed Pete’s, and Triple 777 Café will close Sept. 10.
The race track, Gold Cup Buffet, and Miracle Mile will shut down Nov. 11. and the hotel and Mr. G’s Food & Spirits will close their doors Dec. 18, according to the release.
Vernon Downs said it announced the closing dates because under state law it is required to give a 90-day notice to employees for termination of employment.
“I am extremely disappointed that the New York State Assembly has yet to join the Senate in passing a bill that would ensure the survival of Vernon Downs,” Gural said in the release. “It appears that the legislation is tied up in larger Albany negotiations, but we are hopeful that at the end of the day the Assembly will join the Senate in passing legislation that will help Vernon Downs keep its doors open. We continue to believe that the people in Albany who have control will recognize our situation and provide the support we need to continue our investment in this region. However, every day that we remain open, we simply lose more money and are forced to begin the process of closing Vernon Downs.”
Vernon Downs on April 13 first announced plans to delay the opening of its 2017 racing season, citing “significant financial losses” due to the added competition from nearby casinos.
That’s when Gural said he was seeking tax relief from state lawmakers.
Gural cited the competing casinos that have table games, which include the Oneida Indian Nation’s Yellow Brick Road Casino in Chittenango, del Lago Resort Casino in the town of Tyre in Seneca County, and Rivers Casino & Resort in Schenectady.
The increased competition from the regional casinos “has taken revenue away” from the property, with Vernon Downs losing “on average about $150,000 per month since November,” he contended.
Contact Reinhardt at ereinhardt@cnybj.com