Del Lago Casino's Income Covers Tyre's Property Taxes
The revenue from Del Lago Resort & Casino in upstate New York will cover property taxes for the town of Tyre.
Del Lago, which opened in 2017, cost $440 million to build and is owned and operated by Churchill Downs, Inc. The casino is situated in Waterloo but lies within the town of Tyre in Seneca County.
This casino is the closest to the Seneca Nation's gaming zone, who holds exclusive rights to Las Vegas-style slot machines and table games west of State Route 14. The state highway passes along Seneca Lake, one of the Finger Lakes' 11 narrow lakes.
Del Lago is a 100,000-square-foot casino with 1,700 slots, 66 tables, and a TwinSpires Sportsbook. The resort offers a 205-room hotel, several restaurants and bars, a spa, a shopping mall, and a 2,400-seat concert venue.
Casino License
In 2013, New York voters legalized commercial gaming through a statewide ballot referendum that amended the state's constitution, allowing Las Vegas-style casinos. The gaming expansion package produced up to seven licenses, four reserved for the upstate region and given a 10-year immunity from downstate competition.
Despite not meeting revenue targets pre-opening, Del Lago, alongside other upstate commercial casinos like Resorts World Catskills, Rivers Casino & Resort Schenectady, and Tioga Downs Casino Resort, has significantly benefitted the local communities.
Del Lago's host agreement provides about 1.7% of its gross gaming revenue to Tyre. Moreover, Seneca County receives 1.7% of the monthly casino wins.
During the fiscal year 2022-23, which ended in March 2023, Del Lago directed over $2.11 million to Tyre. There has been an increase of around $100K from the previous year and $1.2 million more than the pandemic-affected 2020-21 financial year.
The Tyre Town Board decided to use its casino tax revenues to cover property taxes. They passed a resolution that authorized a $2.4 million payment to the Tyre Tax Collector.
"This approach will effectively result in no town tax for property owners in the upcoming fiscal year," said Tyre Board Supervisor Elizabeth Partee.
Tough Times
In previous years, Tyre employed its casino taxes to cover infrastructure and road improvement expenditures. However, with inflation continuing to increase living costs, Tyre officials chose a different route for the next 12 months.
"These actions demonstrate a genuine commitment to our residents and represent a tangible step toward improving their financial well-being," Partee added.
"Our Town Board is conscious of our fiduciary responsibility to the town's residents and property taxpayers. Recently, we undertook the meticulous development and acceptance of a comprehensive multi-year capital plan and a multi-year financial plan, carefully designed to enhance our community," Partee said.
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Source: www.casino.org