![]() If approximately 90 percent of tax revenue to the State, City and County is from slots, reducing the slots tax rate from 45% to 25% (which amounts to a forty-four percent reduction in the tax on slots), would mean about a 40% reduction in overall gaming tax payments to the State by Rivers Casino, with the same reduction to the City and County (and neighboring non-host counties). In the last normal fiscal year, before COVID, Rivers generated $57.9 million in tax revenue, 91 percent of it from slots the city and county of Schenectady each got 5 percent of this, or $2.9 million. Andrew Cuomo’s new executive budget summary includes a provision that would allow Rivers to petition the state to cut its tax on slot machine revenue to as little as 25 percent, from its current 45% level. See “ Rivers Casino in Schenectady could benefit significantly from Cuomo proposals” Daily Gazette, John Cropley, Jan. ![]() The issue of reducing the gaming tax rate Rivers Casino must pay on slots revenue is back in the news and again threatening to harm Schenectady’s finances.
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