Revenue from slot machines is keeping the Pennsylvania Horse Racing Industry alive with the industry receiving $273.7 million in 2012.
By law, twelve percent of the slot machine revenue made in the eleven casinos’ across Pennsylvania are given to the Pennsylvania Race Horse Development and Gaming Act.
The money is then disturbed into race purses, the Pennsylvania breeding industry, Health and Pensions Benefits for those working in the racing industry (especially jockeys) and general costs of the industry.
Pennsylvania Gaming Control Board Chairman William Ryan said the revenue from slot machines was vital for the survival of the state’s horse racing industry.
“Revenue from legalized slot machine gaming in Pennsylvania is helping to fulfill the legislative objectives by enhancing horse racing and breeding programs, preserving thousands of jobs and providing a positive impact on the state’s agricultural economy,” Ryan said.
“Significantly enhanced purses, breeding incentives, and health and pension benefits continue to be offered as a result of legalized gaming.
“This is attracting better quality horses to Pennsylvania tracks, creating more competitive and exciting races, and spurring investment in Pennsylvania racing along with equine related products and services.
The Pennsylvania Gaming Control Board is encouraged by the advancements made in the racing industry due to the successful implementation of slot machine gaming.”
The report from the Pennsylvania Gaming Control Board is sure to be used as ammunition for the racing industries in Canada and Florida that are try to get slot machines installed at their tracks.
The popular slots at race tracks program was once the major funding source for Canadian horse racing but changes to the program and the withdrawal of funds have made many in the industry worry that it can’t be sustained.
The report stated that gambling on slot machines was up twelve percent from 2011 to 2012.
Source: Pittsburgh Business Times