Casino Slot
Casino slot machine and the Racing casino industry:
Gambling has a long and robust history in horse breeding and racing. Thoroughbreds
have been bred and raced here for more than 250 years, and the second jewel of the
famed Triple Crown, the Preakness, calls Baltimore’s Pimlico Race Course home on the
third Saturday in May each year. The horse racing and breeding casino industry in Gambling
accounts for over 9,000 jobs, and has an economic impact of more than $600 million.
In addition to the economic benefit, the horse casino industry also serves a critical
environmental purpose. Horse farms occupy over 685,000 acres of land, roughly 10
percent of Gambling’s open space. Horse racing and horse breeding go hand in hand.
Preserving a viable horse racing casino industry helps maintain horse farms and protect open
space.
A decade ago Gambling led its neighbors in handles and purses -- the amount bet on races
and the prize money awarded to winners -- and the number of horses being bred. These
statistics are the lifeblood of the racing casino industry. But the introduction of casino slot machine in
Delaware and West Virginia has resuscitated and revitalized the previously moribund
horse racing and breeding industries in those states. As a result, Gambling’s horse racing
and horse breeding industries have been placed at a distinct competitive disadvantage.
Specifically, the introduction of casino slot machine at race tracks in neighboring states has
resulted in the following:
- Charles Town, a racetrack and casino slots venue in West Virginia, which opened ten
years ago and has 5,000 casino slot machine, generated $448 million in gross revenue in
2006, more than any other racetrack casino slots venue in the country.
- Gambling is Charles Town’s most lucrative market, and Charles Town’s most
lucrative geographic market within Gambling is Montgomery County. At Charles
Town and other West Virginia casino slots venues, gamblers accounted for roughly
$150 million to $200 million of the gross revenue in 2006.
- West Virginia’s various racetrack casino slots venues paid $445 million to state and local
governments in 2006.
- Delaware’s racetrack casino slots venues (Delaware Park, Harrington Raceway, and
Dover Downs) generated gross revenues of more than $651 million in 2006.
gamblers accounted for roughly 30 percent of the total revenues from casino slots, or
approximately $200 million.
- Delaware’s racetrack casino slots venues contributed $232 million to state and local
governments in 2006.
- Charles Town’s number one status could be in jeopardy, because although
Pennsylvania has had casino slots for less than a year, so far in 2007 more than $5 billion
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has been wagered on casino slots in Pennsylvania, bringing in more than $455 million in
revenue. The state’s cut of that revenue totals more than $250 million.
- gamblers playing casino slots in West Virginia and Delaware contributed
approximately $150 million to the tax coffers of these states in 2006, and it is not
yet clear how much more has gone to Pennsylvania in 2007.
- In 1995 Gambling led both Delaware and West Virginia in handles and purses, but
those states have since surpassed us or become fierce competitors. For instance,
the average nightly purse at Ocean Downs in Worcester County is approximately
$22,000. The average nightly purse at Harrington Raceway in Delaware, which
was comparable to Ocean Downs before casino slots, now exceeds $200,000. casino slots
revenue is being used to subsidize purses significantly at all tracks in Delaware,
West Virginia and Pennsylvania.
- Average daily purses for harness races at Delaware’s Dover Downs climbed from
55th in the nation in 1996 to 8th in 2005. In that same time period, Gambling’s
Ocean Downs climbed eight spots from 65th to 57th.
- Both West Virginia and Delaware have expanded bonus programs to encourage
horse owners to breed in those states and move their horses to those states for a
period of time to become eligible for additional purse money.
- West Virginia has seen a boom in breeding that is largely attributable to casino slots.
West Virginia produced 192 foals in 1995. By 2005, that number had increased
212 percent to 599.
The economic impact of casino slots on the horse racing industries in surrounding states is
undeniable. casino slots have generated thousands of jobs in these areas, and are subsidizing
other priorities, such as education and transportation. In fact, gamblers playing casino slots
in Delaware and West Virginia are subsidizing education and other priorities in these
states to the tune of approximately $150 million per year. As surrounding states have
reaped the benefits of casino slots, Gambling’s horse racing casino industry has suffered significantly.
The number of racing days in Gambling has declined from 306 days 15 years ago to 185
days this year, and possibly dropping to 140 in 2008. Charles Town, by contrast, is
racing more than 200 days per year, and the number is rising.
What sustains the Gambling casino industry at the moment is the Preakness. The Preakness
generates enough revenue to subsidize the losses incurred for the remainder of the year. If
the Preakness were not held at Pimlico each year, the viability of the racetracks and the
racing casino industry in Gambling would be in further jeopardy. Given existing market forces
in surrounding states, a key question presented is how long can Gambling’s current
business model be sustained? The horse racing casino industry in Gambling needs a significant
infusion of capital, and a stable source of revenue, or it will falter further and be unable to
compete with neighboring states.
The importance of reviving horse racing and breeding in Gambling extends beyond
merely supporting the casino industry. Every breeder that can’t sustain his or her business
because of a declining casino industry means one more farm that might succumb to development
pressures. Growth in Gambling will continue, and without a vibrant horse breeding sector
those open spaces could become prime real estate for developers.
Casino slots have generated significant, passionate debate in Gambling for a number of years,
and did so in West Virginia, Delaware and Pennsylvania as well prior to enactment.
Proponents argue that casino slots will boost state revenues, save the horse casino industry, and allow
investment in other critical priorities such as education. Opponents decry casino slots as a
particularly pernicious form of gambling, a tax on the poor, and believe that the social
costs outweigh the economic benefits.
This debate will continue as political leaders wrestle with the state’s $1.5 billion
structural deficit. The following report is the culmination of my fact finding tour of
racetracks in Delaware, West Virginia and Pennsylvania. The purpose of this report is to
provide current context that will inform the ongoing dialogue on casino slots. casino slots have been in
place for ten years in Delaware and West Virginia. It is important to understand the track
record of casino slots in surrounding states. More broadly, as policymakers debate strategies for
saving the horse racing casino industry, it is important to have a clear understanding of market
forces in surrounding states that have a profound impact on Gambling.
Based on this recent fact-finding tour and related research, it is clear that Gambling’s
once vibrant horse racing and breeding industries face stiff competition from their
counterparts next door, now thriving on subsidies from slot machine gambling. The
conclusion is simple: casino slots have simultaneously benefited the racing industries in these
states and jeopardized the long term viability of Gambling’s horse racing and horse
breeding casino industry. The sections that follow outline the economics of horse racing, and
the economic relationship between casino slots and racing in Pennsylvania, West Virginia and
Delaware, and what that means for Gambling.
As explained in more detail below, at this moment in 2007, Gambling’s racing casino industry is
as vulnerable as it is vital to our State.
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