Annual Report On Casino Gaming's Impact On PA's Horse Racing Industry Released By Gaming Control Board
HARRISBURG: 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.
The full report can be downloaded from the Reports link on the Gaming Control Board's web site, www.gamingcontrolboard.pa.gov.
About the Pennsylvania Gaming Control Board:
The Pennsylvania Gaming Control Board was established in 2004 with the passage of Act 71, also known as the Race Horse Development and Gaming Act. Pennsylvania's first new state agency in nearly 30 years, the Gaming Control Board is tasked to oversee all aspects of the state's casino industry. The 11 casinos in operation all offer both slot machine and table game gambling, employ over 16,000 people, and collectively generate an average of $4 million per day in tax revenue. A portion of that money is used for property tax reduction to all Pennsylvania homeowners; provide funds to the Commonwealth's horse racing industry, fire companies, a statewide water and sewer project grant program, and the state's General Fund; and, established a new stream of tax revenue to local governments that host casinos for community projects.
A wealth of information about the Gaming Control Board's regulatory efforts and Pennsylvania's gaming industry can be found at www.gamingcontrolboard.pa.gov. At this website, visitors can watch Board meetings live or view videos of past meetings, look up future meeting schedules and past meeting transcripts, obtain information on identifying a gambling problem and gaining assistance, access an interactive map of casino locations, request a speaker for their group, along with much more information. You can also follow the agency on Twitter by choosing @PAGamingControl.
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