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When Gambling Is Good: NY Schools Get $667 Million In Aid From Racinos
By
Jen Chung
Published Apr 10, 2012
Modified Apr 10, 2012
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By
Jen Chung
Published Apr 10, 2012
Modified Apr 10, 2012
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While the scenes at the opening of the new Resorts World racino in Queens may seem depressing to some, having people throw away their hard-earned money has one upside: More aid for schools! According to the Post, "New York’s nine 'racinos' generated $667 million in aid for schools last year — an increase of 28 percent."
Apparently the Resorts World at the Aqueduct generated $100 million in its first five months while the "Yonkers Raceway’s Empire City racino generated $315 million for education during the 2011-12 fiscal year that ended on March 31." All racinos must "dedicate nearly half of the “net win” to the New York Lottery Division to fund schools. In addition, racino revenues also help finance the horse-racing industry and assist local governments."
New York Gaming Association president James Featherstonhaugh said to the Daily News, "I don’t think (legalizing casinos) will be easy under any circumstance, but the revenue numbers support everything we’ve been saying about the industry and about our projections." And a spokesman for Genting, which operates Resorts World, said, "New York has been losing billions in revenue to other states until now." Well, we're still not getting one in Manhattan (as long as Assembly Speaker Silver has his formidable way).
Tagged
aqueduct
casino
gambling
racino
resorts world
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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