Why Horse Racing is Dying a Slow Death Without Expanded Gaming New Jerseys Horse Racing Industry Equine Industry valued at 4 billion and economic impact of 11 billion Pays 160 million annually in tax revenue ID: 652056
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New Jersey’s Sinking Ship
Why Horse Racing is Dying a Slow Death Without Expanded GamingSlide2
New Jersey’s Horse Racing Industry
Equine Industry valued at $4 billion and economic impact of $1.1 billionPays $160 million annually in tax revenue
Breeding Impact
12,500
racing-related horses live in New Jersey, of which 8,200 are StandardbredsSource: Rutgers Equine Science CenterSlide3
The Meadowlands ProblemSlide4
New York
Total Harness Purses Paid$117,803,075 in 2015Total Purse Supplements at 8 harness tracks$95,150,293 in 2015
Yonkers Raceway
R
eceived $47,733,584 in purse supplements in 2015Slide5
Pennsylvania
Total casino subsidy (including 3 thoroughbred and 3 harness tracks): $249MTotal Harness Purses Paid
$96,567,771 in 2015
Harrah’s Philadelphia
$30,079,194The Downs at Mohegan Sun Pocono$30,273,79189% of statewide purses funded by casino revenueSlide6
New Jersey
Total Harness Purses Paid (2015)$21,389,942Meadowlands$17,539,942
Casino Supplement
$0 (Atlantic City casino subsidy ended in 2011)Slide7
Nationwide Harness Purses
New York$116,663,856Pennsylvania$98,607,883
Ohio
$50,173,789
New Jersey$ 21,389,942Slide8
When Gaming Goes Local, It’s All About the PopulationSlide9
It’s Time for New Jersey to Fight BackSlide10
Where Does Casino Revenue Go in New York?
$949 Million
in Aid to Education (47.8%)Slide11
Distances to Atlantic CitySlide12
Casino Tax RevenuesSlide13
Casino Tax RatesSlide14
Caesars – Part of the Problem?