Nichols: Town’s gaming tax proceeds surpass $1.1M | News
NICHOLS — The total amount of gaming tax revenue that the Town of Nichols has received from Tioga Downs Casino in its first 11 months of operation has now surpassed the $1.1 million mark, according to the latest information released by the New York Gaming Commission.
To date, the town has received $1,132,962 in gaming tax revenue generated by Tioga Downs Casino. For the month of November, the town will receive a check for $88,549. The town is paid its share of gaming tax revenue in quarterly payments from the state.
The amount that the town will receive in gaming tax revenue thus far this year is now more than triple what it had budgeted to receive in local property taxes for the entirety of 2017, which was $372,267. The town’s total budget for this year is valued at $1,608,275 and the total gaming tax revenue the municipality will receive is equal to 70 percent of that annual spending plan.
The town receives 5 percent of the casino’s monthly gaming tax revenue.
Tioga Downs Casino began operations on Dec. 2, 2016.
Tioga County is also slated to receive 5 percent of the casino’s monthly gaming tax revenue and received $88,549 for the month of November as well.
The casino has paid a total of $22.7 million in gaming tax revenue since it began operations last December. Of that funding, 80 percent — or $18.1 million — goes to education/property tax relief.