SEARCH NEWS:

 

Vernon Downs losing money

NEW YORK – As reported by the Syracuse Post-Standard: "Vernon Downs is losing $500,000 a month and needs help from the state if it's going to survive, one of its owners said.

"The track can't compete with Turning Stone Resort and Casino unless the state allows tracks to keep more than the 30 percent they keep now, said Jeff Gural, who helped bring the Oneida County racetrack out of bankruptcy last year.

"Vernon Downs must pay 60 percent of casino revenues to the state Lottery, plus about 10 percent to race winners and a horse-breeding fund. Turning Stone, run by the Oneida Indian Nation, pays no taxes.

"'We can't succeed where basically we're being taxed at 70 percent of our revenues and our competition is being taxed at zero percent,' said Gural, a Manhattan real estate investor.

"…Oneida nation spokesman Mark Emery said Turning Stone isn't hurting Vernon Downs.

"'That's a false statement,' Emery said. 'They have the advantages of horse racing, off-track betting and alcohol.'…"

< Gaming News