Comptroller Thomas DiNapoli has published a report that examined the fiscal impact New York’s casinos have had on local governments. According to the findings, three host towns in the study were “the only ones to see significant benefits.”
The 2020 study included New York’s del Lago Resort and Casino, which contributed $176m in gaming tax revenue for regional governments.
According to the results, four casinos in the state posted that they fell short of their anticipated gross revenues. All except for Tioga Downs Casino reported that they reached between 50% and 60% of their projected gross revenues.
However, tax revenue from the casinos bridged the gap in three host town revenues, the report said. Gaming tax revenue contributed between 30% and 60% in town revenue for Nichols, Tyre and in Thompson.
But in areas like Schenectady and other host counties, gaming tax revenue had significantly lower impacts, to the tune of between 1% and 3%. In non-host counties throughout the state that were analyzed, gaming tax revenue had even lower effects, with contributions totaling under 0.5%.
NYS Comptroller Thomas DiNapoli explained to Rochester First local news that impacts have varied in areas that receive tax revenue from its local casino. He said that the effects depend on the communities that are receiving money from the casinos.
He commented, “It’s my hope that this report gives state and local officials a clearer perspective that can help potential host communities avoid the pitfalls that arise with misguided expectations about the public benefits of casinos. They are not a sure bet.”
