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US – New Mexico casinos steal racinos thunder

By - 11 March 2013

Gaming in New Mexico grew by nearly four percent in 2012 with the state’s tribal, racino and nonprofits posting collective net win figures of more than US$1bn. However, while tribal casinos showed healthy growth, the state’s five racinos saw a roughly three per cent decline in net win. Collectively, the state’s gambling venues reported $1.01bn in net win last year, a 3.9 per cent increase over 2011. They also paid the state $131.4m in gaming taxes, a 0.9 per cent increase from the previous year. Tribally owned casinos pay the state between 3 percent and 9.25 percent of their net win based on their revenue-sharing agreements with the state.

Tribal casinos reported a total net win of $759.6m in 2012, a 6.4 per cent increase over 2011. Collectively, the casinos paid the state $68.3m in gaming taxes, a 4.8 per cent increase over the previous year, according to figures from the Gaming Control Board. The majority of the growth was seen by the Navajo Nation, which opened its third casino, Northern Edge Navajo Casino, in January 2012. The Navajo casinos had a collective net win of more than $81.2m last year compared with $46.2m in 2011.

The state’s five racinos had a total net win from their slot machines of $241.4m last year, a three per cent decrease from the previous year, according to the New Mexico Taxation and Revenue Department. The racinos paid the state just over $62m last year, or three per cent less than 2011. The decrease in gaming activity at New Mexico’s racinos last year runs counter to the rest of the nation, while the unaudited reports collected from state gaming control boards show a nearly 4.4 per cent increase in gross revenues in 2012 compared with 2011. Total net win at the state’s nonprofit and fraternal organisations licensed to operate slot machines fell 2.8 per cent last year to just under $10.7m. Nonprofits pay the state 10 percent of their net win.

 

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