New York’s Racinos Experiencing Lower Revenues

Tioga Downs would benefit greatly from the likely increase in business a full license would offer, particularly after a difficult past few months for racinos statewide. The latest numbers from New York’s nine racinos show that revenues were down during the first five months of this year compared to 2013. Facilities across the state have attributed the lower numbers to the harsh winter, and they expect a rebound over the course of the second half of the year. The net win at the state’s nine racetracks was down two percent between January and May, a drop of $16.6 million. The net win at Tioga Downs saw a drop of 8.3 percent. The largest decline in the state was at Buffalo Raceway in Hamburg, which saw a decline of 18 percent. Tioga Downs owner Jeff Gural says he believes the drop in revenue was due to the winter along with the Mohegan Sun in Scranton opening a hotel. Gural has plans himself to open a hotel at Tioga Downs if he were to be awarded the full license later this year.