Slots decline in New Mexico
New Mexico slots’ operations, based on horse-racing tracks, have reported a revenue fall.
US.- New Mexico casino revenue has reported several losses regarding slot operations on horse-racing tracks. Gaming authorities have revealed that the latest decline has reached the lowest point since the opening of the newest horse-racing track in the state, which was inaugurated back in 2005. Furthermore, the lottery sector has also been reporting a revenue decrease.
According to New Mexico Senator John Arthur Smith, who is also a renowned expert on state’s financial activities, the decline is tracking with a decline in the lottery, “indicating that the state gambling industry has matured.” The net win from track slots during the last fiscal year was about US$226 million, as reported by authorities.
The New Mexico Gaming Control Board presented this week the official report on gaming revenue, which shows that the slot sector in horse-racing tracks has fallen from US$241 million the previous year and down from about $265 million in 2015. The net win is the amount gambled minus the amount paid in winnings.
“With the drop in slot revenue, the state is also receiving less in taxes. The state received US$58.9 million from the last fiscal year — down nearly US$10 million from 2015. From fiscal year 2006 to 2015, slot revenue at tracks grew nearly 16 percent, which all disappeared last year and this year,” describes the report.
