Breaking down Rivers Casino payments to Capital Region communities – New York News

Capital Region counties can expect to receive payments this week for second-quarter gaming tax revenues from Rivers Casino & Resort, just as they begin looking to next year’s budgets.

The New York State Gaming Commission distributes taxed gaming revenue from the state’s commercial casinos to local municipalities and counties on a quarterly basis, said Lee Park, spokesman for the commission. The first-quarter checks were sent in April, and payments for the second quarter will be made electronically this week, he said.

As host communities, the city of Schenectady and Schenectady County each receive 5 percent of the casino’s taxed gaming revenue, amounting to $914,972 each through the first half of 2017. The total reflects revenue from February-June, since the casino did not officially open until Feb. 8.

In budgeting for 2017, the city and county both used the low-end projection and pro-rated it to a March opening. That leaves the city and county each expecting about $2.75 million this year in gaming money.

At the current pace, the casino’s numbers would fall short of that projection, though there are a number of variables that could impact performance going forward. The Landing Hotel is set to open this week to guests, and the surrounding developments on the Mohawk Harbor site are scheduled to be completed in the coming months. Such developments are expected to boost gambling revenue at the casino.

“It’s such a changing circumstance because, now, the hotel is going online, which makes a big difference,” City Council President Leesa Perazzo said. “It’s more like a resort than just the…

click here to read more.

New York News
No Comment

Leave a Reply