Vernon Downs is near closure

Vernon Downs operators expect an approval to perceive a lower tax regime.

US.- The American Racing and Entertainment company is set to close its Vernon Downs facility as taxes are too high to be a profitable business. Jeff Gural, owner and chairman of the operating company of Vernon Downs, would begin the closing procedure as New York legislators have not set lower fees.

As reported by the Observer-Dispatch, the company would end its business in the state as the New York State Assembly has not complied with the market’s demands of reviewing the current tax regime. The Assembly was supposed to approve a new legislation to reduce the payments made by Vernon Downs last Monday, although legislators have not passed the bill.

In response, Gural told the news outlet that a final decision has not been made, but if the current regime persists, the facility must be closed. “I told them I wasn’t going to wait for the last minute,” Gural commented. Vernon Down is facing tough competition with new casinos around.

“They have a lot of things on their plate and I guess … this didn’t get to the top of the list,” explained the businessman about the legislation. Although he also said he is “highly optimistic” about a soon approval. Gural commented he “wanted to get the process started so I don’t have to keep (Vernon Downs) open an extra week or two.”