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Old 08-02-2012, 02:38 PM
 
Location: New York, NY
307 posts, read 927,747 times
Reputation: 81
"Move over, Vegas and Atlantic City.

Thanks to a sky-high 68 percent tax rate, New York state is by far the nation’s biggest jackpot winner at its nine racinos — collecting $620 million in revenues during the first half of this year.

That’s nearly double the $329 million combined that Vegas and AC casinos generated for their home states of New Jersey and Nevada, according to the New York Gaming Association.

The Resorts World racino at Aqueduct in Queens and Empire City Casino in Yonkers, the two local slot parlors, are the biggest cash cows.

But there’s a big reason for the disparity: Nevada only imposes a 6.75 percent tax on its casinos and Jersey 8 percent.

New York isn’t the only state that charges high rates. Pennsylvania imposes a 55 percent levy on slot revenues and Rhode Island upward of 70 percent. "


New York’s 68 percent tax rate on racinos brings in $620 million in revenues for state in first half of 2012 - NYPOST.com
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Old 08-02-2012, 02:47 PM
 
2,180 posts, read 4,535,283 times
Reputation: 1087
why should Nevada consider what other states do as a model for their own actions?

I mean, inquiring minds want to know.
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Old 08-02-2012, 04:18 PM
 
2,700 posts, read 4,936,320 times
Reputation: 4578
I would like to know what a racino is??? Is it anything like a casino????? Or maybe that's what they are called back east.....

Also can you really believe her figures when she can't even spellcheck???
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Old 08-02-2012, 04:21 PM
 
Location: Silicon Valley
3,683 posts, read 9,857,373 times
Reputation: 3016
Quote:
Originally Posted by SoCalCpl2 View Post
I would like to know what a racino is??? Is it anything like a casino????? Or maybe that's what they are called back east.....
Horse Race Track + Casino apparently equals Racino. When you saw the word "Aqueduct", didn't you think of horse racing? Pretty obvious to me.
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Old 08-02-2012, 04:27 PM
 
2,700 posts, read 4,936,320 times
Reputation: 4578
Quote:
Originally Posted by MediocreButArrogant View Post
Horse Race Track + Casino apparently equals Racino. When you saw the word "Aqueduct", didn't you think of horse racing? Pretty obvious to me.
I am in So Cal..When we see the word Aqueduct we think of water....

Also we have Indian Casino's with NO horse track on them....
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Old 08-02-2012, 04:40 PM
 
Location: Vegas, baby, Vegas!
3,977 posts, read 7,635,627 times
Reputation: 3738
I live near that "Racino" its a race track casino, (right next to the Airport (JFK)) the logic being that betting (On horses) is already allowed, so the law to make 'other' betting allowed seems a easier task.

Many indian casino's are "Racino"s as well

I think the reason NY gets such a big "Cut" of the "take" the Casino is a subway train ride away (<1 hr) from anywhere in NYC, that beats the 3 hrs to ride to Foxwoods in CT, or the 2.5 hr ride to Atlantic City.
(or 5 hr plane ride to Vegas)

Jonathan
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Old 08-02-2012, 05:21 PM
 
Location: In the Silver State of Nevada in Las Vegas NV
1,062 posts, read 1,807,414 times
Reputation: 925
NYS is a Tax Hog, they drive business out of the state by droves and tax the state population beyond what they can afford. If you want it screwed up let NYS do it. This is why NYS can not develop casinos in the state they ant it all. Nevada needs to stay on course and not think that the casinos are a unlimited cash cow. One other thing along with the great tax rates NYS is still $9 Billion in the hole every tax and Fee (tax) has been going up. This is one of the main reasons I am moving to LV in October now that I am retired the cost of living is about 1/2 of what it is in NYS. Ask anyone who has moved. If Nevada starts taxing more and more the casinos and tourist will go elsewhere in a hurry.
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Old 08-02-2012, 06:06 PM
 
2,724 posts, read 4,762,354 times
Reputation: 1042
Sounds to me like Macau has the right idea... taxes are being reinvested in urban space optimization, improved transportation and the general welfare of the inhabitants and the casinos don't appear to be going anywhere!

MACAU DAILY TIMES - Q&A - US casino leader questions Macau?s high gaming tax: ?Gaming tax is hurting the industry?

MDT – What do you think are the major problems in Macau’s gaming industry?
FF – One of them is the gaming tax, at a rate of nearly 40 percent, it’s hurting the industry.

MDT – What are the major challenges facing Macau?
FF – They include labour shortage among others. Due to regulatory requirements, they have to make sure there’s a substantial portion of local workers in the development projects, and this has left many operators with a labour shortage.

MDT – How about the prospect of Macau’s gaming industry?
FF – I’m extremely optimistic about the region’s continued growth. Macau’s already the largest gaming market, and last month it saw a 24 percent growth of gaming revenue.
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Old 08-02-2012, 06:18 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,486,602 times
Reputation: 7615
The racinos in NY are controlled by the NYS Lottery division. Video Poker is not real Video Poker, but rather a glorified electronic scratch-off ticket. Using strategy is not necessary...as what you get is already determined when you hit the first draw button.

I refuse to give any money to NYS racinos...they are a bad deal for the gambler...a great deal to the state.
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Old 08-02-2012, 06:24 PM
 
Location: Kansas City North
6,815 posts, read 11,531,564 times
Reputation: 17130
I think of a racino as a previously-faltering race track (horse or dog) which has been saved from oblivion by adding slot machines and possibly table games.

Remington Park in Oklahoma City and Prairie Meadows in Des Moines are two excellent examples.
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