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Pa. Slot Machines Raise $252M for Race Horse Fund
HARRISBURG, Pa. -- Some 11% of revenues generated from slot machine gambling in Pennsylvania was earmarked for the racing industry and agricultural initiatives in 2013.
As a result, more than $252 million in slot machine tax revenue was generated for the Pennsylvania Race Horse Development Fund.
Of this sum, some $209 million was used by both the thoroughbred and harness racing industries to enhance purses, assist breeding operations, and provide health and pension benefits for horsemen, according to the seventh annual Racetrack Casino Benchmark Report from the Pennsylvania Gaming Control Board.
Since its first release in 2008, this annual report has concentrated on the impact of Pennsylvania casinos on the state’s horse racing industry. Among the specific findings in this year’s report:
- The tax revenues generated for the Pennsylvania Race Horse Development Fund fell some 7% in 2013 because of a decrease in gross terminal revenue generated by the casinos which host horse or harness racing.
- In addition to revenues generated for the Pennsylvania Race Horse Development Fund, racetrack casino operators invested more than $6 million in 2013 (and approximately $52 million since casinos opened in 2006) to improve the stable and backside areas of their racetracks.
- Total dollars wagered on races held in Pennsylvania, referred to as the live racing handle, was 4% higher in 2013 the result of an increase in wagering on races held at Pennsylvania racetracks by patrons outside of the commonwealth.
- While live racing handle increased, taxable handle decreased by approximately 8% in 2013 mainly because of a decrease in simulcast wagering offered a the racetracks, off-track wagering facilities and through phone wagering services.
The Pennsylvania Gaming Control Board was established in 2004 to oversee all aspects of the state’s casino industry. The 12 casinos in operation 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.
Published by The Business Journal, Youngstown, Ohio.
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