Revenues that racetrack casinos dedicate to New York schools will surge to nearly $1 billion a year when the Aqueduct betting parlor is up and running, gaming officials said.
The estimated $1 billion haul will be discussed tomorrow at a state Senate hearing investigating whether New York should legalize full-fledged commercial casino gambling — including table games like blackjack and roulette — at non-Indian parlors.
Even before the opening of Aqueduct Resorts World Casino next month, the state’s eight racinos in 2010 generated $547 million in revenues for education and another $111 million to support the horse-racing industry.
“When Aqueduct comes on board, we will generate close to $1 billion in revenue per year for education,” said James Featherstonhaugh, chairman of the New York Gaming Association, representing the eight racinos.
State Lottery officials estimate that the Aqueduct racino will generate $1 million a day in revenues to the state — or $365 million a year for New York coffers.
But Featherstonhaugh will argue before state lawmakers that the racinos’ contribution to education and the racing industry could be hundreds of millions more if they’re allowed to offer table games as well as slots.
The eight so-called racinos are gambling parlors authorized only to offer video lottery slot machines regulated by the New York Lottery Division.
But the racino coalition has called for a constitutional amendment to allow them to expand into other casino gaming.
Studies have shown that New Yorkers spend between $3.1 billion and $5 billion at out-of-state casinos annually.