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N.Y. generated $3.2B in revenue last year from gambling

Rochester Business Journal
May 30, 2014

New York generated $3.2 billion in revenue from gambling, more than any other state, in its most recent fiscal year and, with as many as seven casinos in the pipeline, most revenue from them will come from the pockets of New York residents, a report released Friday by Comptroller Thomas DiNapoli states.

New Yorkers wagered more than $36 billion in 2012-13 at video lottery terminals, racetracks, off-track betting parlors and lottery games such as scratch-off cards, the report states.

Gambling revenues in 2013-14, an average of $161 per resident, accounted for 4.6 percent of New York’s tax revenues, the report says.

State aid represented 39 percent of school district revenues in 2012-13, including 5 percent from lottery games, the report states. The state provided 43 percent of revenues in 1967-68 when the New York State Lottery was created as a funding mechanism for schools.

“Now, with a new expansion underway, more casinos will mean more gaming revenue and new jobs, but the long-term impact for the state remains unclear,” DiNapoli said in a statement. “It will inevitably create both winners and losers in the years ahead.”

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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