New York Set To Collect More Casino Tax Revenues than Nevada for 2016

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The state of Nevada has long been ranked at the top when it comes to casino gambling in the United States. Gamblers come from across the nation to take part in the casino gaming options that the state provides as well as from countries around the world. For many years, Nevada as the state sitting at number one in the US when it came to casino tax revenues collected on a yearly basis. However, the state is slowly being inched out by other states. Pennsylvania has claimed the top spot and Nevada may be sitting in 3rd place by the end of the year if New York stays on their current track for casino tax revenues earned.

The American Gaming Association recently reported the findings of their annual survey of the casino industry. the report, known as the ‘State of the States’, found that Pennsylvania is the current leader when it comes to tax revenue collected from gaming, with $1.38 billion. This amount is almost $500 million more than what Nevada has been able to take in.

As far as New York is concerned, the state is considered a newcomer to the gaming industry. Commercial gambling was first legalized in 2001 with the first casino opening in 2004. The state currently has nine casinos in operation via race tracks and the top properties in the state are the Empire City Casino and Resorts World Casino. For 2015, the commercial casinos of New York were able to generate tax revenues of $888.4 million.

Now consider the state of Nevada. In 2015, the state earned $889.1 million in tax revenues. This was from 271 casinos. New York has only been in operation for a few years as compared to the decades in which Nevada has offered gaming options and has far less gaming venues. New York is on trend to continue to increase their casino tax revenues and if trends continue, the state will move to the number two spot, pushing past Nevada in the process.

The difference however, is based more on the tax rate rather than volume. The casino property taxes will vary in New York and range from 31 to 41 percent. In Nevada, there is a graduated rate that will max out at 6.75% for the state. County and municipal tax rates can be up to 1 percentage point to that level. In Pennsylvania, slot games are taxed at 55% and table games are taxed at 16%.


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