Saratoga generates $16 million for racing

05:00 PM 11 Apr 2013 NZST
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Saratoga Casino and Raceway

Saratoga Casino and Raceway today announced record revenue for the state fiscal year ending March 31, including important growth in funding for education, agribusiness and local governments and harness racing.

The casino reported gross gaming revenues of $159 million, an increase of two percent over the previous fiscal year.

"Thanks to the continued support of our patrons and community, we are proud to announce another year of growth for Saratoga Casino and Raceway," said Jamie Hartman, Executive Vice President and Chief Operating Officer. "But the real winners are the students, taxpayers and farmers who benefit from the revenue we generate."

More than $76 million was generated for education during this period, also a two percent increase over the prior year. This was the highest funding produced for education by Saratoga Casino and Raceway since opening in January of 2004 as the first video lottery facility in New York.

During fiscal year 2012-13, Saratoga Casino and Raceway produced $2 million for local governments including $500,000 for Saratoga County and $1.5 million for Saratoga Springs.

The property also generated $16 million for the racing industry over the year. This funding supports family farms, breeders, feed producers, horsemen, veterinarians and other industry jobs, all of which are significant contributors to the rural economy especially upstate.

"Saratoga Casino and Raceway has grown in each of our nine years of operation, proving to be a highly successful public-private partnership with the state," said Hartman. "We look forward to another successful year making a positive contribution to our community."

SFY 2012/2013

GGR            % Change Y/o/Y              Tax Rate                         State Revenue

Casino         Name 158,697,772       +2%    68%                          107,914,485

Education      Racing & Breeding     Lottery Administration          Local Government

76,435,864    15,869,777                  15,869,777                         1,995,000

*New York State Gaming Commission Website http://www.gaming.ny.gov/gaming/

by Crystal BEAUCHEMIN

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