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(EMAILWIRE.COM, March 17, 2013 ) San Francisco, CA -- The gambling activity of New Mexico has seen a 4% growth in 2012, and for the first time the state's own tribal racino, and nonprofit communities posted a tally of “net wins” of over $1 billion.
While the tribal casinos did now some healthy growth, within the general growth of the gaming community, the state's five racinos experienced a decline of 3% in their net win.
The net win is calculated by the wagered sum of slot machines and state's gambling venues, minus the payouts and approved regulatory fees, as indicated for overall gambling activity.
As a whole, the state's casinos reported just over $1 billion in net winnings last year. That constitutes a 3.9% increase overall since 2011. The casinos also paid out $131.4 million in gaming tax, which constitutes a 0.9% increase from 2011.
While the 14 New Mexico tribes have a revenue-sharing policy with compatibility compacts and report their annual and quarterly revenues to the Gaming Control Board, the tribes are not required to make exact figures public. The Gaming Control Board reports “net win” figures, and the money from games other than slots within the tribal casinos is not included within the net win figure.
Tribally owned casinos pay the state anywhere between 3% and 9.25% of the net win. The tally is based upon the revenue-sharing agreement in the state.
The tribal casinos have reported a net win of $759.6 million last year, which is a 6.4% rise since the year prior. According to the figures that were compiled by the Gaming Control Board, those casinos paid out $68.3 million all-told, with a 4.8% increase over the year prior.
A large portion of the growth was had by the Navajo Nation, which opened its third casino at the start of 2012. Navajo casinos took in winnings of over $81.2 million within the last year, compared to $46.2 million in 2011, as told by the Gaming Control Board figures and statistics.
The five racinos had a tally of $241.4 million within 2012. That total constituted a 3% decrease from the previous year, according to the New Mexico Taxation and Revenue Department.
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Source: EmailWire.com
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