Yonkers is the number two market for racetrack casinos in the U.S. in terms of total revenue, according to a report issued last week.
The American Gaming Association (AGA) released its annual “State of the States” survey last week, and featured a section on racetrack casinos.
Yonkers, which totaled $394.33 million in revenue in 2007, was the second-largest market for racetrack casinos, trailing only Charles Town, W.Va., which saw $463.7 million in revenue. Providence, R.I., was third.
Yonkers Raceway is home to Empire City, a $225 million addition to the racetrack completed in 2006. Empire City features 5,500 video gaming machines.
Video gaming in the state is run under the auspices of the New York state Lottery. The state constitution requires that a portion of Lottery revenue, which now includes video gaming, be distributed to support public education.
In 2007, consumers spent $828 million on racetrack video gaming, which was a 95 percent increase over 2006, according to the report. That is third behind West Virginia, whose residents spent $932 million on video gaming, and Pennsylvania, which spent a little more than $1 billion on it.
There are currently 11 states that have legal racetrack video gaming.
Throughout the entire U.S., money spent on racetrack video gaming has increased from $2 billion in 2002 to $5.2 billion in 2007.
Racetrack gaming accounted for 3,742 jobs in New York state in 2007, second only to West Virginia with 5,275.
Video gaming contributed nearly $450 million in tax distributions to local and state governments in 2007.
“In 2007, racetrack casinos continued to be the primary mode of expansion in the commercial casino industry,” the report states. “Most of the increases in revenue, employment and tax payments in this segment of the industry were driven by expansion in Pennsylvania, Florida and New York.”
The reports states that a full one-quarter of the U.S. adult population visited casinos in 2007 and made more visits to casinos than in any previous year, with 54.5 million visitors making 376 million trips, or an average of 6.9 trips per visitor.
In total, revenue for the U.S. commercial casino industry has increased 73 percent over the past 10 years.
Gross gaming revenue reached $34.13 billion in 2007, up from $19.7 billion in 1998. During that time, gaming tax revenues contributed by commercial casinos to state and local governments has more than doubled, from $2.5 billion in 1998 to $5.79 billion in 2007.
“The casino entertainment industry has experienced high levels of growth and maturation in recent years,” said Frank J. Fahrenkopf, Jr., president and CEO of the AGA, in a statement.
New York does not permit commercial casinos.
