New York State legislature has finalized its budget plan for the upcoming 2022 fiscal year. According to the plan, there has finally been an agreement between Rivers Casino & Resort Schenectady and the Saratoga horsepeople. The deal states that the gambling property will continue its initially agreed payments to the Saratoga Harness Horsepersons’ Association.
The casino has been recently dealing with the effects of the unprecedented situation that was the reason for the closure of the gambling entity for a few months in 2020. It reopened in September 2020 and operates under limited capacity meaning that the casino is far from hitting its financial peak. Last year saw the suspension of the payments from the casino to the track.
Terms Agreed
Latest reports point out that a deal has been struck between the two sides, in which the casino will be paying out its US$1.8 obligations to the track for the year 2020. Additionally, the gambling hotspot will set aside a small percentage of its slot machine revenue which will be channeled to the also financially struggling horse racing organization.
After the deal was officially included in the state budget Assemblywoman Carrie Woerner stated that this is a great compromise for both sides. She further explained that is useful for both properties by supporting the track and recognizes the casino’s difficulties. However, she believed that the matter should not have been involved in the state budget and its discussions.
Saratoga Springs horse owner Tom McTygue has also commented on the recently struck deal. Mr. McTygue claimed that the agreement has worked out ideally, and forwarded special thanks to Assemblywoman Woerner for her involvement and support. State Senate and Assembly have also been mentioned and acknowledge by the horse owner for their parts.
The new deal will see the casino property pay around US$1.8 million obligations to the live harness facility for 2020 in the course of the next 12 months. Also, the race track will be receiving 3.3% of the casino’s slot revenue in order to fund its purses. The association stated that the payments will be used to cover racing fees, backstretch maintenance, and health insurance premiums for the horsepeople.
Change of Management
And speaking of Rivers Casino & Resort Schenectady, the gambling venue most recently parted ways with is General Manager Justin Moore. After years with the casino, Mr. Moore will be heading towards the company’s Rivers Casino Philadelphia. The announcement was made on April 2, and it will be with immediate effect, thus ending the now-former General Manager’s spell at the property.
Extra Working Hours
The NY-based gambling venue is on the road to financial recovery as it has extended its working hours in February. This was possible after the state’s order that allowed local businesses enterprises to open up shops for a longer period of time. From February 14, the casino has a new schedule and it works every day from 6 a.m. to 11 p.m. The sportsbook premises are also available during the said hours.
Source: Williams, Stephen “State budget requires Rivers Casino to continue payments to Saratoga harness owners” The Daily Gazette, April 8, 2021
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