New York’s nine “racinos” generated $667 million in aid for schools last year — an increase of 28 percent.
The increase was fueled in part by the opening of the Aqueduct “Resorts World” racino, which generated more than $100 million in its first five months.
And Yonkers Raceway’s Empire City racino generated $315 million for education during the 2011-12 fiscal year that ended on March 31.
The $667 million in education funding that racinos provided for the state compares to $521 million provided the previous year.
Under franchise agreements with the state, the racinos are required to dedicate nearly half of the “net win” to the New York Lottery Division to fund schools.
In addition, racino revenues also help finance the horse-racing industry and assist local governments.
We have not only been a “significant source” of education funding “but a reliable one as well,” said James Featherstonhaugh, president of the New York Gaming Association.