V
Racino requesting tax
relief amid increased casino competition
Vernon,
N.Y. –
April 13, 2017 – Jeff Gural, Chairman of American Racing and Entertainment,
announced today that he will be delaying the opening day of racing at Vernon
Downs amid significant financial losses due to the added competition from
Yellow Brick Road, Lago and Rivers. Final preparations are currently
underway at Vernon Downs to open the 64th season of live harness
racing, which was set for Friday, April 21. However, increased
competition from the addition of these three casinos with table games has taken
revenue away from the property and caused Vernon to be losing on average about
$150,000 per month since November.
“It
is extremely unfortunate but we have no other choice than to postpone the
opening day of racing at Vernon Downs. The property loses money on racing
so opening racing now only makes a bad situation worse. We have requested
tax relief from New York State and in meetings with the Governor’s office it
seemed they understood the problem and were prepared to act.
Unfortunately, the legislature did not give it the priority it deserved.
A tax break for Vernon Downs would not cost the taxpayers any money as taxes
from gaming revenue lost from Vernon are currently being generated at our four
main competitors in the region. Worse yet, including the horsemen, Vernon
has the highest tax rate of its competitors. Lowering the tax rate is a
way that New York can ensure that properties like Vernon Downs that do not have
table games can remain competitive and continue to be an asset within the
community. Since reopening Vernon as a racino in 2006 we have given
almost $150 million to the State for education. My hope is that New York
State will step to the plate to save the three hundred jobs of those that
Vernon Downs currently employs in addition to all the jobs and benefits related
to racing,” commented Jeff Gural.
Vernon
Downs has confirmed that the property will open racing once it becomes clear
that relief from the State of New York is going to be granted. The racino
is hopeful that locally elected officials will weigh in and convince the
legislature to act quickly to help save the hundreds of jobs currently at risk.
In
addition to its video lottery terminals, Vernon Downs
offers live harness racing, concerts and other entertainment. Jeff Gural owns
Vernon Downs in Vernon, NY and Tioga Downs in Nichols, NY. In the last
decade, Tioga Downs and Vernon Downs have created more than 1,000
family-sustaining jobs. For more information on Vernon Downs, please visit www.vernondowns.com.
