For Release: Tuesday, August 22, 2017
Contact: Josh Fitzpatrick, (518) 371-2751, email@example.com
Halfmoon, NY – Senator Kathy Marchione (R,C,I,Reform-Halfmoon), Chair of the Senate’s Local Government Committee, today announced that her legislation, Senate Bill S.4086A, allowing medium size video gaming facilities in New York to receive additional investment has been signed into State Law by Governor Cuomo.
Senator Marchione’s legislation amended the State Tax Law, in relation to video gaming machines (VGMs) and the disposition of revenues to allow medium size gaming facilities in New York State to receive additional investment by increasing the threshold of gaming machines from 1,100 to 1,900. Senator Marchione’s legislation enables medium sized facilities, such as Saratoga, to be exempted from the matching requirement in the vendor capital awards program. The vendor capital awards program allows operators of gaming facilities to utilize four percent of their net win strictly for capital investment to improve their facilities. Senator Marchione’s legislation had passed the Senate during the 2017 Legislative Session by a vote of 58-2.
Currently, four smaller facilities – fewer than 1,100 machines – and the facility at Aqueduct have this benefit and a medium-sized facility does not. Penalizing quality operators who also have by far the lowest share of their gaming revenue among the New York operators hinders their ability to add more customer amenities and machines. The purse account, the facility, and the state all benefit when the business is grown.
“This new State Law I sponsored will help ensure a level playing field for our community’s video gaming facility to receive further investments, meaning fairness for Saratoga. These new investments are critical, as they will support and strengthen the facility, lead to more job creation and revenue generation, and ultimately provide additional funding for education. I appreciate the Governor signing this important measure into State Law,” Senator Marchione said.