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Author Topic: Horse Racing In Pa. continues on the upside !!!  (Read 519 times)
Homestretch
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« on: January 07, 2013, 11:27:37 PM »

The green keeps rolling in !!
Casinos with Racetracks thrive, and that equates to bigger and better racing !!
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Slot machine revenue rises in Pennsylvania for sixth straight year

 HARRISBURG, Pennsylvania -- (PRESS RELEASE) -- The Pennsylvania Gaming Control Board reported today that gross revenue from slot machine gaming for the 2012 calendar year of January through December was $2,470,935,317, or 2.7% higher than in calendar year 2011 when gross revenue totaled $2,405,867,897.

PGCB Chairman William H. Ryan, Jr. says it was the sixth year in a row that Pennsylvania saw an increase in revenue from slot machine gaming, and that tax revenue generated from the play of slots during 2012 was more than $1.3 billion. The first slot machines began operating in the Commonwealth in November 2006.

"While competition for gaming dollars from bordering states will continue to escalate, the revenue results from legalized casino gaming in Pennsylvania continue to be strong," Ryan says. "In addition, a healthy casino industry has resulted in the employment of more than 16,000 persons, stability in the Commonwealth's horse racing industry, funds for major economic development and community-based projects, and property tax relief for all Pennsylvania homeowners."
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Yimmy
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« Reply #1 on: January 08, 2013, 12:15:19 PM »

How was racetrack handle there?
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honest & balanced terry
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« Reply #2 on: January 08, 2013, 12:18:21 PM »

$2.5 billion dropped at casinos merely means at least $2.5 billion that wasn't spent at other local businesses and the jobs they used to support.

The one positive thing about it is the State gaming tax is much higher rate than sales tax, so it's a quicker and more efficient way for the government to get people's money.
« Last Edit: January 08, 2013, 12:20:33 PM by honest & balanced terry » Report to moderator   Logged

"There are no $7500 maiden claimers, state-bred or otherwise, at Arlington."
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« Reply #3 on: January 08, 2013, 12:20:29 PM »

The press release is akin to crowing, "I went with my friend to the bar to pick up women, and HE picked up a hot babe and boinked her!"   head shake
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Homestretch
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« Reply #4 on: January 08, 2013, 06:00:49 PM »

SO, LET ME GET THIS RIGHT !!
SLOT REVENUE UP, MEANS LESS REVENUE FOR THE HORSEMEN !!!
BASED ON A COMPLICATED FORMULA Huh
 BSmeter BSmeter BSmeter

Revenues to PA Race Horse Fund drop 4.6%

January 08, 2013

The Pennsylvania Equine Coalition reported on Tuesday (Jan. 10) that funds generated from slot machine gaming to the Race Horse Development Fund (RHDF) decreased by 4.6 percent, or $6.36 million, over the past six months, the most significant decline in the history of the fund.

The Race Horse Development Fund was created by Act 71 of 2004, the Pennsylvania Race Horse Development and Gaming Act, to enhance live horse racing and breeding programs in the Commonwealth by supplementing purses and enhancing race horse breeding incentives.

"Despite an overall increase in slots revenues at Pennsylvania casinos in 2012, the funding from slots to the equine industry is decreasing, which will negatively impact purses at the state's six race tracks and hurt incentives to promote breeding of horses in Pennsylvania, said Pete Peterson, spokesperson for the Pennsylvania Equine Coalition, a statewide group representing more than 10,000 owners and trainers of the horse racing industry in Pennsylvania. "The decrease in funding will have effects well beyond the equine community, as many farms and other small businesses are dependent on the racing and breeding industry for work.

In 2010, the Department of Agriculture released data showing that between 2001 and 2008 the value of the racing industry in Pennsylvania more than quadrupled following the passage of Act 71. According to the Department of Agriculture, the overall value of the equine industry increased by 380 percent to $3 billion with employment more than tripling from 13,870 to more than 41,100.

The Pennsylvania Equine Coalition noted that for the first six months of the current 2012/2013 fiscal year July 2012 through December 2012 funding for the Race Horse Development Fund dropped to $131,419,633.08 a 4.6 percent or $6.36 million decrease compared to the same time frame in 2011 when revenues to the fund totaled $137,779,854.81.

With just $131.4 million collected in the first half of the fiscal year, funding for the RHDF is far below projections. In the Governor's Executive Budget issued last February, the fund was projected to collect $287.8 million in the 2012/2013 Fiscal Year.

"For the past four years the Equine Racing industry has seen the state divert more than $200 million from the Racehorse Development Fund to augment the General Fund, said Peterson. "Given the current revenue trends for the Race Horse Development Fund, the Equine Coalition calls on the legislature to allow the current diversion of funds from the fund to terminate as promised when enacted.

The decrease in funds to the RHDF occurred despite an increase in the gross terminal revenues at Pennsylvania casinos in 2012. This is due to the complex funding formula used to calculate contributions to the Race Horse Development Fund, which is based solely on gross terminal revenues of the state's Category 1 casinos a designation given to casinos which host equine racing. Gross terminal revenues at all of the state's Category 1 Casinos has declined over the past six months compared to the same period last year.

The opening of casinos in adjoining states in Ohio, New York, and Maryland -- as well as an additional casino at Valley Forge -- has resulted in decreasing slots pay at casinos which host equine racing. When the second gaming facility opens in Philadelphia and more gaming facilities come online in our surrounding states, the Equine Coalition projects that funds going into the Racehorse Development Fund will be further eroded.

The Pennsylvania Equine Coalition also noted that as a result of decreases in gross terminal revenues at Category 1 casinos and the opening of new casinos in Pennsylvania, the casinos' contributions to the RHDF as a percentage of GTR have decreased from 12 percent in June 2010 to 11.4 percent in December 2012 to 10.7 percent in December 2012.

The Pennsylvania Equine Coalition also expressed concern about the latest figures for the month of December. In December 2012, the gross terminal revenues at every Category 1 casino decreased compared to December 2011, fueling a $1,819,436.55 or 8 percent drop in revenue to the RHDF for the month compared to the prior December. Particularly hard hit by drops in GTR were Presque Isle Downs and Casino which saw a 22.14 percent decrease and Mohegan Sun at Pocono Downs which saw an 11.86 percent decrease. This is likely due to impact the increased competition from casinos in Ohio and New York is having on the industry. These decreases in turn negatively impacts purses at those race tracks, as well as overall funds for the breeding industry in Pennsylvania. (Pennsylvania Equine Coalition)
 
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MR.DALRAE
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« Reply #5 on: January 08, 2013, 06:06:34 PM »

another cut is coming,,,,,,b4 long the open will 15k weekly
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honest & balanced terry
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« Reply #6 on: January 08, 2013, 06:23:51 PM »

SO, LET ME GET THIS RIGHT !!
SLOT REVENUE UP, MEANS LESS REVENUE FOR THE HORSEMEN !!!
BASED ON A COMPLICATED FORMULA Huh
 BSmeter BSmeter BSmeter

The mood toward welfare handouts is more hostile everywhere.
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"There are no $7500 maiden claimers, state-bred or otherwise, at Arlington."
Homestretch
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Harness Racing is "King" Of All Sports




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« Reply #7 on: January 08, 2013, 08:16:02 PM »

The mood toward welfare handouts is more hostile everywhere.
You think ??
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MR.DALRAE
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« Reply #8 on: January 08, 2013, 08:22:18 PM »

MORE CASINO W/O HORSES WILL KEEP THE CUTS COMING,,,,,,GUV SAYS
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