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Who cares
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Sponsors
No co-sponsors yet.
History
- Reported and committed to rules
- Print number 2827b
- Amend and recommit to finance
- Print number 2827a
- Amend (t) and recommit to finance
- Reported and committed to finance
- Referred to racing, gaming and wagering
- Referred to racing, gaming and wagering
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to authorizing video lottery gaming at Belmont Park; and to repeal sections 4 and 5 of chapter 286 of the laws of 2008, amending the tax law and other laws relating to annual capital improvement credits for video lottery gaming operators, relating thereto
Purpose
This bill would authorize operation of Video Lottery Terminals ("VLTs") at the Belmont Park racing facility and set the commission rates accordingly.
The bill would provide a vendor marketing allowance of up to 8% to increase attendance. Like Aqueduct, the bill would not provide for a vendor's capital award.
Finally, the bill establishes racing support payments from the VLTs at Belmont Park and modifies said payments and commission rates between both Aqueduct and Belmont Park upon commencement of VLT operations.
Summary of provisions
Section 1. Sets a vendor fee at Belmont Park of 36% of the total revenue wagered at the vendor track after payment of prizes.
Section 2. Provides a marketing allowance of 8% for the vendor track to use towards promotional activities and increasing attendance.
Section 3. Prohibits Belmont, like Aqueduct, from receiving an additional capital award and authorizes that the process for selecting the video lottery gaming operator be subject to a public request for proposals.
Section 4. Provides for a technical change.
Section 5. Carves Belmont, just like Aqueduct, out from requiring additional monies be used solely for purse enhancements.
Section 6. Establishes a mechanism for selecting an operator of VLTs at Belmont and establishes a schedule of racing support payments.
Section 7. provides the Division of the Lottery with the ability to license video lottery gaming at Belmont.
Section 8. Authorizes the Division of the Lottery to license and issue guidelines and regulations pertaining to video lottery gaming at Belmont.
Section 9. Effective date.
Justification
Chapter 18 of the Laws of 2008 extended the New York Racing Association's franchise to operate the state's three thoroughbred racetracks for another 25 years. Unfortunately, this chapter did not authorize the installation of video lottery terminals at Belmont Park.
The revenue from these VLTs is vital to the future of the communities that host the track and will inject much needed revenue into the schools and the local governments that shoulder the burden of hosting the track. Also, the strong potential for economic development on Belmont land and spin-off businesses that would stem from the installation of VLTs Would benefit not only the host communities, but the county of Nassau and the State of New York as a whole.
Legislative history
New bill.
Fiscal implications
If enacted, the State could generate an up-front payment of nearly $370 million dollars for the rights to operate VLTs at Belmont. Such is the amount of money Delaware North has agreed to pay the State for the rights to operate said terminals at Aqueduct.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.