Horse Racing: A Rare Growth Industry for NY
In a state with a high unemployment rate, the equine industry stands in stark contrast as a growth industry. The state takes in more money through taxes and fees than Nevada and New Jersey, combined.
But what is the industry’s potential if and when casino gambling is approved in New York? In the next legislative session, lawmakers will have a second vote to approve a state constitutional amendment that would allowing gambling.
On the Capitol Report, Susan Arbetter reports on a recent study that shows the growing economic impact of New York’s equine industry and an upcoming vote in Albany on gambling. Video courtesy of the Capitol Report.
Racinos — racing tracks with slot machines — are one reason the horse racing industry in New York is flourishing. Controversy over the tracks’ management has arisen over public pay-outs and the sharp rise in deaths of horses at the state’s tracks. Last month, Governor Andrew Cuomo said he would take control of the board of the New York Racing Association.