Annual Report On Casino Gaming's Impact On PA's Horse Racing Industry Released By Gaming Control Board
HARRISBURG, Pa., March 27, 2013 /PRNewswire-USNewswire/ -- The Pennsylvania Gaming Control Board today released its sixth annual Racetrack Casino Benchmark Report. Since its first release in 2008, this annual report has concentrated on the impact that Pennsylvania's casinos have had on the state's horse racing industry.
A portion of revenue generated from slot machine gaming is earmarked for the horse racing industry in order to accomplish the intent of the Pennsylvania Race Horse Development and Gaming Act. In 2012, more than $272 million in slot machine tax revenue was generated for the Pennsylvania Race Horse Development Fund. Of this amount, approximately $224 million was earmarked for the horse racing industry. This Fund is utilized to enhance purses, assist breeding operations, provide health and pension benefits for horsemen, and provide a positive impact on the agricultural industry in Pennsylvania.
"Revenue from legalized slot machine gaming in Pennsylvania is helping to fulfill the legislative objectives by enhancing horse racing and breeding programs, preserving thousands of jobs and providing a positive impact on the state's agricultural economy," said Gaming Control Board Chairman William H. Ryan, Jr. "This report underlines specific areas where the impact is tangible and shows that the horse racing industry continues to benefit from the revenue that casinos generate here in Pennsylvania."
Among the findings in this year's report are:
- The amount of tax revenue generated for the Pennsylvania Race Horse Development Fund decreased slightly in 2012 by approximately 1%.
- In addition to revenue generated for the Pennsylvania Race Horse Development Fund, racetrack casinos operators invested over $7 million in 2012 and approximately $46 million since the casinos opened in 2006 to improve the stable and backside areas of their racetracks.
- The number of days in which live racing took place and the total numbers of races held in Pennsylvania both increased by approximately 1% in 2012 compared to the same period in 2011.
- Lastly, total dollars wagered on Pennsylvania races in 2012, referred to as the live racing handle, was 12% higher in 2012 compared to the same time period in 2011. Live racing handle in 2012 was the highest to date since casino gaming was implemented in 2006.
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