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| SPONSOR: | Aragon | DATE TYPED: | 02/02/00 | HB | |||
| SHORT TITLE: | Increase Hours for Racetrack Gaming Machines | SB | 264 | ||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
|
See Narrative |
Recurring | General Fund | ||
|
See Narrative |
Recurring | Other State Funds | ||
(Parenthesis ( ) Indicate Revenue Decreases)
Relates to HB100, BH256, SB312
SOURCES OF INFORMATION
Gaming Control Board
Racing Commission
SUMMARY
Synopsis of Bill
The bill would allow the Downs at Albuquerque racetrack to stay open longer than the current closing time of 10 pm. The total hours of operation would not change, only the close time.
FISCAL IMPLICATIONS
According the Racing Commission, machines at the Downs of Albuquerque average approximately $100.0 in net wins per machine per day. With a later closing time, the Racing Commission estimates net win to increase to $150.0 per day. The increase of general fund recurring revenue is projected to be approximately $1,200.0. In addition, up to $1,000.0 in additional revenue could be generated to horsemen purses and additional revenues to the New Mexico State Fair in lease fees.
ADMINISTRATIVE IMPLICATIONS
The Racing Commission notes little administrative impact. Both of these entities would benefit from the increase in net wins per machine.
AW/gm