The New York State Gaming Commission released a report on Saratoga Casino and Raceway’s performance during the fiscal year ended March 31. According to latest data, the Saratoga Springs-based venue posted a slight decrease in net winnings, the first one since slot machines were placed there back in 2004.
Annually, the casino and racetrack facility attracts more than 2 million visitors, which makes it one of the biggest contributors to the local economy. Furthermore, it employs more than 300 people from the region.
A total of $158.5 million in net winnings was generated in the fiscal year ended March 31. By comparison, the amount of $158.9 million was posted this time last year. Generally speaking, net winnings are the remaining revenues after the venue pays off players’ prizes.
Saratoga Casino and Raceway’s net winnings have increased annually since the beginning of 2004, when the first slot machines were placed. Currently, the venue features as many as 1,700 devices of this kind.
The 0.25% decline was mainly attributed to the inclement weather conditions owners had to deal with. In addition, their bid to turn the racino into a Las Vegas-themed casino failed to get New York Gaming Facility Location Board’s approval in December 2014.
The venture met strong opposition from the community. Due to this, executives proposed the construction of a casino in East Greenbush. Residents of the town, however, did not welcome the project. Eventually, the state board gave the nod to only one new gambling venue in the Capital Region. As previously reported, it is to be located in Schenectady.
The new casino might open doors in two years and according to experts, this might affect Saratoga Casino and Raceway’s revenue in quite a negative manner. Racino executives announced that they are planning to spend about $30 million for renovation and the addition of a 120-room hotel.
According to the New York gambling regulator, net winnings of $1.9 billion were generated in 2014 by all nine racinos that operate in the state, down 0.4% as compared to the amount posted a year ago. The decrease was attributed to the fact that economy is recovering at a slower pace than expected. Yet, the Gaming Commission pointed out that net winnings in the fourth quarter of the fiscal year actually increased $8.35 million.
