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Saratoga Raceway Reaches First Anniversary

SARATOGA SPRINGS, New York – As reported by the Albany Times-Union: "Saratoga Gaming and Raceway approaches its first anniversary on Jan. 28 having delivered on a pledge that video lottery terminal revenues would revive harness racing and provide employment, while faltering on reaching income projections.

"The 1,324 VLTs at the racino, as it's known for combining racing and casino-style operations, will produce revenues of about $83 million when its first year ends Thursday. That is short of the $95.26 million that was projected in 2002 by studies conducted before the racino opened.

"Jamie Hartman, general manager of Saratoga Gaming and Raceway, said that while income has fallen short of the market studies, the facility has worked through its first year ironing out the bugs of a new business operation.

"From Jan. 28, 2004, through Jan. 15, 2005, the Saratoga Gaming and Raceway's 55,000-square-foot racino generated $80.65 million in revenues, putting it ahead of the state's three other racinos, according to the state Lottery Division. Fairgrounds Gaming and Raceway outside Buffalo has earned $29 million; Finger Lakes Gaming and Race Track, $57.9 million; and Mighty M Gaming at Monticello Raceway, $34.2 million…"

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