Bennington, Vermont News
New York Leaders Address Horseracing Funding Amid Casino Dispute
State leaders are expected to pass a bill that avoids resolving how much Resorts World New York City needs to pay.
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Local residents may be interested to know that New York State leaders are taking steps to protect the horseracing industry from a financial dispute involving the newly opened Resorts World casino in New York City. This move comes as the state Gaming Commission and Resorts World remain at odds over a proposed payment structure that could impact the funding for horseracing operations.
Background of the Dispute
Resorts World, which opened its doors in April, is engaged in a disagreement with the Gaming Commission regarding an obligation to pay over $150 million annually to the state’s horseracing sector. To address the potential funding gap and safeguard racetracks, state Senate and Assembly leaders have introduced legislation aimed at ensuring that the horseracing industry does not suffer from any financial shortfall while the dispute is unresolved.
Governor Kathy Hochul has signaled her support for this legislation through a spokesperson, stating, “Given the ongoing dispute between the Gaming Commission and Resorts World regarding racing support payments, this legislation is designed to ensure that the racing industry…does not suffer adverse consequences.”
Details of the Legislation
- The new bill allows the Gaming Commission to forward tax payments from Resorts World to the New York Racing Association, which oversees the state’s three largest racetracks.
- This change is temporary and will only be effective for one year.
- The bill does not resolve the broader legal question of whether Resorts World can count these racing support payments toward its overall tax obligations.
As it stands, the uncertainty surrounding the tax obligations could lead to a significant budget gap exceeding $150 million over the coming year. This situation is particularly concerning for the horseracing industry, which has historically relied on these funds.
Implications for Local Economy and Services
Should Resorts World’s interpretation of its tax obligations prevail, it could negatively impact state revenues that are typically allocated to essential services such as public education and transportation. The Gaming Commission has yet to indicate whether any enforcement actions will be taken to address this ongoing dispute.
With the legislative session winding down, lawmakers must pass the bill before Thursday to ensure that necessary protections for horseracing are in place. This situation reflects the complex dynamics of the casino approval process in New York, which has been evolving since a 2013 referendum aimed at boosting economic development.
What’s Next?
For residents in Bennington and beyond, the outcome of this dispute may have broader implications for funding statewide initiatives. As the situation develops, community members should stay informed about how it may affect local services and funding in the coming year.
Based on reporting originally published by New York Focus. Read the original story.
