Racino

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Monticello Raceway in New York where the casino has been incorporated into the grandstand Monticello-raceway.jpg
Monticello Raceway in New York where the casino has been incorporated into the grandstand

A racino is a combined horse racing track, or other live parimutuel betting facility, and casino. In some cases, the permitted form of casino gambling is limited to slot machines or video lottery terminals, but many locations also offer table games such as blackjack, poker, and roulette. As of the end of 2023, there were approximately 50 racinos operating in the United States. [1] Racinos operate in other countries, including Canada and France, as well. [2]

Contents

History in the United States

Beginning in the late 1970s, the popularity of horse racing began to decline in the United States, as evidenced by the inflation-adjusted decline in wagering by 52 percent from a peak in 1977 through 2006. [3] This decline in wagering occurred despite efforts to increase parimutuel wagering through initiatives such as off-track betting and advance-deposit wagering. [3] The decline is generally attributed to the introduction and growth of casino gambling and lottery gaming. [3]

In 1990, West Virginia authorized the installation of several hundred video lottery terminals at Mountaineer Park as part of a pilot program that eventually became law in 1994. [4]

In 1992, in response to the opening of the Foxwoods Native American casino nearby in Connecticut, the Rhode Island legislature passed a bill permitting electronic gaming devices at the state's two parimutuel wagering venues, Lincoln Greyhound Park and Newport Jai Alai. [5]

An early success story was the mid-1990s turnaround of the Prairie Meadows racetrack, in Polk County, Iowa. Prairie Meadows, which opened in 1989 but went bankrupt by 1991, was bought by the county government in 1993. [6] As reported in a January 2003 study for the Massachusetts State Lottery Commission:

In 1994, Iowa voters authorized slot machines at Iowa racetracks (including Greyhound tracks). Polk County spent an additional $26 million to convert the Prairie Meadows clubhouse into a casino and install 1,100 slot machines. On April 1, 1995 the slot casino (or "racino") opened for business. In the 12 months ended March 31, 1996 machine revenues totaled $119.3 million, enabling Polk County to pay off the $27 million bond issue that paid for the clubhouse casino conversion within that initial year and retire the track's initial $38.8 million bond issue 17 years early. [6]

Other states followed suit. Delaware authorized racinos in 1994, and Louisiana and New Mexico in 1997. [1] A number of larger states also enacted enabling legislation, including New York in 2001, Florida and Pennsylvania in 2004, and Ohio in 2011. [1] Most recently, Illinois and Nebraska authorized race tracks to seek casino licenses, in 2019 and 2021 respectively. Some states, notably Massachusetts and Maryland, have declined to specifically designate race tracks as casino locations, but nonetheless have awarded casino licenses to race tracks through open competitive bidding processes. [1]

Some other states have declined to authorize casino gambling within their states, but have authorized race tracks to offer historical horse racing machines, which are similar in appearance to slot machines but which award prizes based on the results of old horse races. [7] This style of gambling was first introduced at Oaklawn Park in Arkansas in 2000. [7] Arkansas race tracks were subsequently authorized to offer casino gambling, however, several state, including Kentucky and Virginia, still offer this style of gambling at race tracks. [7]

In some states, certain racinos have been permitted to discontinue live racing and still been permitted to continue their casino operations. Many of these are former greyhound tracks that have closed as result of public sentiment turning against the sport on animal welfare grounds. [8] Only two greyhound tracks continue to operate in the United States, both of which are racinos in West Virginia. [9]

Today there are approximately 50 racinos operating in 17 U.S. states, not including any tracks offering historical horse racing machines. [1] In 2023, the number one commercial casino in the United States outside of Nevada was a racino, Resorts World New York City located at Aqueduct Racetrack, with approximately $950 million in casino gaming revenue. [10] Four other racinos were also in the top 20, as were two former greyhound racing facilities. [10]

Types of racinos

Racinos are often used to help revive struggling racetracks by drawing in additional revenue from casino gaming. They provide a mix of entertainment, from gaming to dining, and sometimes even live performances.

For instance, a study on the economic and tax revenue impacts of racino gaming in Texas estimated that implementing racinos could contribute just under $1 billion annually to the state. [11]

Related Research Articles

A video lottery terminal (VLT), also sometimes known as a video gaming terminal (VGT), video slots, or the video lottery, is a type of electronic gambling machine. They are typically operated by a region's lottery, and situated at licensed establishments such as bars and restaurants.

<span class="mw-page-title-main">Canterbury Park</span> Horse racing facility in Minnesota, US

Canterbury Park, is a horse racing track in Shakopee, Minnesota, United States. Canterbury Park Holding Corporation hosts parimutuel wagering on live thoroughbred and quarter horse racing at its facilities in Shakopee and parimutuel wagering on races held at out-of-state racetracks that are simulcast to the racetrack. In addition, the Canterbury Park Card Casino operates 24 hours a day, seven days a week, and is also regulated by the Minnesota Racing Commission. Casino games include blackjack, baccarat, Ultimate Texas Hold 'Em, and poker. Canterbury Park also derives revenue from related services and activities, such as concessions, parking, admissions, and programs, and from other entertainment events held at the racetrack. Furthermore, Canterbury Park is pursuing a strategy to enhance shareholder value by developing approximately 140 acres of underutilized land surrounding the racetrack in a project known as Canterbury Commons. The company is pursuing several mixed-use development opportunities for the underutilized land, directly and through joint ventures.

<span class="mw-page-title-main">Jack Thistledown Racino</span> Race track in Ohio, United States of America

Jack Thistledown Racino is a thoroughbred race track and casino in North Randall, Ohio, at the outskirts of the city of Cleveland. It is owned by Vici Properties and operated by Jack Entertainment.

<span class="mw-page-title-main">Prairie Meadows</span> Casino in Iowa, United States

Prairie Meadows is a Racino located in Altoona, Iowa, United States, it runs both Thoroughbreds and Quarter Horses at its meet from May to September.

Tioga Downs is a county-fair-themed standardbred racetrack and commercial casino located on a 138-acre (0.56 km2) site in Nichols, New York.

<span class="mw-page-title-main">Eldorado Gaming Scioto Downs</span> Horse racing track and casino in Columbus, Ohio

Eldorado Gaming Scioto Downs, formerly known as Scioto Downs Racino, is a horse racing track and casino in Columbus, Ohio, owned and operated by Caesars Entertainment. The venue opened in 1959, as the Scioto Downs track, and became Ohio's first racino with the addition of video lottery terminals (VLTs) on June 1, 2012. The track was annexed by Columbus from Hamilton Township in 2012. The casino is 117,000 square feet (10,900 m2), with over 2,200 VLTs.

<span class="mw-page-title-main">Wheeling Island Hotel-Casino-Racetrack</span>

Wheeling Island Hotel-Casino-Racetrack is a greyhound racino located on Wheeling Island in the middle of the Ohio River, which is a part of the city of Wheeling, West Virginia. It is located just off the Wheeling Island exit of I-70, about two hours east of Columbus, Ohio. The casino is also located approximately one hour southwest of Pittsburgh, Pennsylvania.

Vernon Downs is a horse racing track, racino and entertainment facility located in the town of Vernon in central New York, United States. The track was established in 1953 and in 1955 was the location that Adios Harry ran his "Miracle Mile". As tastes changed and competition increased, its attendance and revenues decreased. It has added simulcast harness racing, video gaming, and entertainment, in addition to building a 173-suite hotel.

<span class="mw-page-title-main">Hollywood Casino at The Meadows</span>

The Hollywood Casino at The Meadows, formerly The Meadows Racetrack and Casino, originally (1963) just The Meadows horse-racing track, is a Standardbred harness-racing track and slot-machine casino which is located in North Strabane Township, Pennsylvania, United States, about 25 miles (40 km) southwest of Pittsburgh. After 44 years as a racetrack, the casino was added in 2007. The real estate has been owned by Gaming and Leisure Properties since 2016, with the business operations owned by Penn Entertainment since 2018, including a long term lease agreement to Gaming and Leisure Properties.

<span class="mw-page-title-main">The Woodlands (race track)</span> Former racing venue in Kansas City, Kansas, United States

The Woodlands was a greyhound racing track at 9700 Leavenworth Road, Kansas City, Kansas, from 1989 until 2008.

<span class="mw-page-title-main">Gambling in Oregon</span>

Gambling in Oregon relates to the laws, regulations, and authorized forms of gambling.

Gambling in Pennsylvania includes casino gambling, the Pennsylvania Lottery, horse racing, bingo, and small games of chance conducted by nonprofit organizations and taverns under limited circumstances. Although casino gaming has been legal for less than two decades, Pennsylvania is second only to Nevada in commercial casino revenues.

<span class="mw-page-title-main">Gambling in New Jersey</span>

Gambling in New Jersey includes casino gambling in Atlantic City, the New Jersey Lottery, horse racing, off-track betting, charity gambling, amusement games, and social gambling. New Jersey's gambling laws are among the least restrictive in the United States. In 2013, the state began to allow in-state online gambling. Five years later in 2018, the state won a lawsuit that dismantled Nevada's monopoly on legal sports betting.

Legal forms of gambling in the U.S. state of Texas include the Texas Lottery; parimutuel wagering on horse and greyhound racing; charitable bingo and raffles; and three Native American casinos. Other forms of gambling are illegal in Texas.

<span class="mw-page-title-main">Historical horse racing</span> Electronic gambling device for wagering on previously-held horse races.

Historical horse racing (HHR), originally known as Instant Racing, is an electronic gambling product that allows players to bet on replays of horse races or dog races that have already been run, using terminals that typically resemble slot machines.

Legal forms of gambling in the U.S. state of Massachusetts include casinos, sports betting, parimutuel wagering on horse racing, the Massachusetts Lottery, and charitable gaming. The Massachusetts Gaming Commission regulates commercial operations under state jurisdiction.

<span class="mw-page-title-main">Gambling in California</span>

Legal forms of gambling in the U.S. state of California include cardrooms, Indian casinos, the California State Lottery, parimutuel wagering on horse racing, and charitable gaming. Commercial casino-style gaming is prohibited.

Legal forms of gambling in the U.S. state of Maine include parimutuel wagering on horse races, sports betting, the Maine Lottery, two casinos, and charitable gaming.

Legal forms of gambling in the U.S. state of Connecticut include two Indian casinos, parimutuel wagering, charitable gaming, the Connecticut Lottery, and sports betting.

Legal forms of gambling in the U.S. state of New Hampshire include the New Hampshire Lottery, sports betting, parimutuel wagering, and charitable gaming. The state's Gaming Regulatory Oversight Authority (GROA) is part of the New Hampshire Lottery Commission, which also maintains an Investigative & Compliance Division.

References

  1. 1 2 3 4 5 "State of the States 2024" (PDF). AGA. Retrieved 2024-05-23.
  2. ↑ Rudd, Denis; Mills, Richard; Flainegin, Frank; Litzinger, Patrick (August 2009). "Racinos – The Marriage of Horse Racetracks and Casino/Slots-Style Gambling – Friends or Foes?". Journal of Case Research in Business and Economics. 1: 32.
  3. 1 2 3 Thalheimer, Richard (2010-04-02). "The Evolution of Racinos". Global Gaming Business Magazine. Retrieved 2024-05-23.
  4. ↑ LaMarra, Tom (2012-02-28). "Optimism and Wariness as Mountaineer Reopens". Blood Horse Magazine. Retrieved 2024-05-23.
  5. ↑ Gray, Ed (October 1, 1992). "Video games for dog days". Boston Herald. – via NewsBank (subscription required)
  6. 1 2 Christiansen, Eugene Martin (2003-01-18). Analysis and Recommendations for the Massachusetts Lottery (re: MSLC RFR Lot #526) (PDF) (Report). Christiansen Capital Advisors. pp. 20–21. Archived (PDF) from the original on 2024-01-15. Retrieved 2024-01-14.
  7. 1 2 3 "Historical Horse Racing Machines: Recent Trends and Future Impacts in Oregon" (PDF). 2021-09-17. Retrieved 2024-05-23.
  8. ↑ Nichols, Mike (7 April 2012). "Dog tracks were the wrong bet (Opinion)". Milwaukee Journal Sentinel . Retrieved 8 October 2023.
  9. ↑ Stimpson, Ashley (2023-06-12). "Saturday Afternoon at the Last Dog Track in America - Belt Magazine". beltmag.com. Retrieved 2023-12-29.
  10. 1 2 "Commercial Gaming Revenue Tracker CY 2023" (PDF). AGA. Retrieved 2024-05-23.
  11. ↑ The Economic and Tax Revenue Impact of Racino Gaming in Texas. Texans for Economic Development (PDF).
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