Pictured is a parking garage at Tioga Downs’ sister racino, Vernon Downs in Vernon, N.Y. that remained under construction in March 2015. Progress continues at both racinos, in spite of the grim numbers reported for the previous fiscal year. (Photo contributed by Vernon Downs)
For New York State’s Fiscal Year of 2014-15, which runs from April 2014 to April 2015, the official numbers brought in from the state’s nine racinos is down, according to the New York State Gaming Commission’s website. In regards to the totals, the racinos were down by approximately 7 million last year.
This is the first time in history in New York State that these numbers are down, noted Gary A. Greenberg, Vernon Downs’ minority owner and gaming expert.
Broken down, Resorts World and Batavia were up $25.5 million, and seven outside New York City racinos were down $32.5 million. Saratoga had its first down, net win in history for 2014-15 fiscal year by $410,000.
As far as Education funds raised being down $866,900,960, they failed to meet New York State Governor Andrew Cuomo’s budget projections for the state’s fiscal year of 2014-15.
Broken down further in the report, Empire City was down $7.2 million, Saratoga was down $410,000; the Finger Lakes was down $7.9 million; Monticello was down $2.8 million; Hamburg was down $9.6 million; Tioga Downs was down $2.4 million; and Vernon down a bit higher than Tioga at $2.5 million. Resorts World was up $23.5 million as well as Batavia Downs, who were up by $2 million.
Greenberg stated, “The racinos that do not become a casino will face added pressure when new upstate full casinos come on board. The numbers show the importance for Tioga Downs to gain a full casino to insure Tioga and Vernon Downs’ future.”
In a recent interview with the Utica Observer Dispatch regarding these numbers, Jeff Gural, owner of Tioga Downs and CEO of American Racing and Entertainment, was quoted as stating, “I am committed to Vernon as long as things turn out okay with this new casino license.”
Gural also stated in that interview that it would be very difficult if somebody were to get a license in Binghamton. “That would probably put Vernon and Tioga out of business,” said Gural.
Deadline for applications for the final license is July 6. So far, no one has stepped forward to formally announce another application for the license, which is specifically for the Southern Tier.
News reports, however, say that Binghamton Mayor Richard David has said he has spoken with groups interested in the viability of a casino in his city.
The state Gaming Facility Location Board will weigh the applications and is expected to render its decision in the fall.
Gural had applied for a casino license for Tioga in 2014, but when the decision came down, the Southern Tier’s license went to Lago Resort Casino in Tyre, N.Y. instead. However, the gaming commission recently approved another round of applications for the Southern Tier, with a fourth license to be awarded.
Tioga Downs, located in Nichols, N.Y., subsidizes Vernon Downs located in Vernon, N.Y. The entire region anticipates the outcome of this latest round of applications, for which Tioga Downs is working on.
