Amidst the current financial amendments of many business sectors caused by the unprecedented situation in the New York State. The local government is looking to provide additional revenue to the state’s budget and ease in some of the local business establishments from their financial obligations. Assemblywoman Carrie Woerner believes that the proposed changes in the budget would jeopardize the Saratoga Springs horse races.
Back in 2017 when Rivers Casino & Resort Schenectady first opened its doors, the gambling venue reached an agreement to pay subsidies to the Saratoga Springs race track. However, due to the financial difficulties, state authorities revealed that the proposed budget update will see the gambling property suspend its payments to Saratoga Casino & Raceway.
Potential Risk of Closing Down
Most recently assemblywoman Carrie Woerner has shared her stance on the matter. According to Ms. Woerner, such suspension of online obligations from the casino to the race track would cause severe damage to the latter’s welfare. She claims that the halt of payments would negatively impact the race track and its purses to a such degree that it would have to close down.
In response, Rivers Casino & Resort Schenectady was quick to release a statement regarding the controversial situation. According to the gambling property, due to the unprecedented situation and its residual effects, the casino is in an aggravating financial situation. The gambling hall is currently operating under restricted safety protocols and reduced player capacity.
In accordance with the casino’s statement, the gambling property is experiencing a far worse financial spell now compared to before last year’s beginning of lockdown rules in March. The entity is operating with a reduced capacity of only 25% guest capacity, working hours have also been amended and the casino is operational from 6 a.m. to 11 p.m. on a daily basis.
Later in the statement, the casino management claimed that the gambling property is the only one that does not own or operate a track that is obliged to subsidize a horse racing track. The casino believes that the gaming law did not intend to place financially struggling Rivers Casino & Resort Schenectady to compensate for revenue drop at Saratoga Casino and Raceway amidst the unprecedented situation. The announcement states that the casino’s top priority is looking after its staff and work toward coming out of the crisis.
Governor Cuomo’s Budget Strategy
Back in January Governor Andrew Cuomo presented his budget plan on how to deal with the financial difficulties and help out businesses. Rivers Casino & Resort Schenectady was more than happy to hear the proposal of suspending its payments to Saratoga Casino & Raceway. Besides this proposal, the casino was also glad to hear out the Governor’s suggestion to reduce revenue tax on the property’s slot machine income.
Working Hours Adjustments
Another great news for the casino establishment was Governor Cuomo’s regulation to extend the working hours of the state’s bars and restaurants. And after New York State Gaming Commission’s approval, starting from February 14, 2021, the gambling venue operates for the convenience of its patrons for longer hours. The casino now welcomes guests from 6 a.m. to 11 p.m.
Source: “Assemblywoman worried new budget could end Saratoga Springs harness racing” WNYT, March 16, 2021
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