Saratoga VLT's Earn $6.3 Million in Opening Month
Updated: Saturday, March 6, 2004 5:19 PM
Posted: Thursday, March 4, 2004 12:33 PM
The gaming room at Saratoga Gaming and Raceway, which opened Jan. 28, handled $82 million and provided net earnings of $6.3 million through March 1.
In accordance with state law that requires 61% of all revenue to go towards education, the facilities first month of operation provided $3.8 million for the New York school system. Tracks and horsemen, which receive 29% of net VLT revenue, earned just over $1.8 million. The remaining 10% goes to the New York Lottery for administrative costs.
The first Thoroughbred track to open a video lottery terminal parlor in New York was Finger Lakes on Feb. 18. Purses are projected to increase 35% to push daily average purse distribution over $100,000 for its upcoming racing season.
Aqueduct, operated by the New York Racing Association, is the only other Thoroughbred track in the state authorized to operate VLTs. MGM Mirage, which has partnered with NYRA on the project, is reportedly ready to commence work on a VLT facility.
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