Joe Faraldo has been railing about the law which caps slot revenue for racing at 2013 levels. Well, he may want to think twice about that because the very same law may be a lifeline for Saratoga Raceway horsemen.
Saratoga Raceway has conceeded to local demands not to pursue expanded gaming at the Raceway, leaving it as a slot only track. In the meanwhile, management is seeking to build a couple of casinos elsewhere, one in the Capital region, the other in Orange County. If someone else wins the franchise to open a casino in the Capital Region, it is expected the slots at Saratoga will lose about 50% of their revenue.
Fortunately, the bill which caps slot proceeds at 2013 levels also requires non-racino casinos in the region of a racetrack to make up the shortfall at the racino to keep contributions to the purse account constant with the 2013 level. If Saratoga is unable to win a license in a different location, this hated bill may keep purses constant at Saratoga instead of potentially cut by roughly 50%.
Be careful when you trash this law, you could be biting horsemen in the butt.
You normally don't see me promoting the runners, but this week starts a brief 6 day turf meet at Atlantic City Race Course. If you have the ability to go, you want to experience this micro-meet. Otherwise, there will be simulcasting available.
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