Schenectady to get another $1M from Rivers Casino project

08-03-2016

SCHENECTADY — The city is getting another $1 million from the Rivers Casino and Resort at Mohawk Harbor before it opens early next year.

Rush Street Gaming, the Chicago-based company that will operate the casino, took out a $176 million mortgage on the $330 million casino, which will give the city $880,800 in mortgage taxes and $440,400 to the county.

Rush Street also took out a $33 million mortgage for the adjacent 163-room hotel, which will give the city another $165,000 in mortgage taxes and the county $82,500.

The mortgage tax for the city is .5 percent, with .25 percent for the county and another .25 percent each for the state and Capital District Transportation Authority.

That gives the state and CDTA $440,400 in taxes from the casino mortgage and another $82,500 from the hotel mortgage.

The city, county, state and CDTA have not yet received the money. The county will distribute the funds in the near future.

Two months ago the city and county got $2.5 million each from the $50 million casino license fee Rush Street was required to pay the state.

Other counties in the region also shared 10 percent, or $5 million, of the fee. Those counties are Albany, Saratoga, Rensselaer, Washington, Fulton, Montgomery and Schoharie.

The remaining $40 million will be distributed to public schools statewide as part of the state’s education formula.

Viccaro, Haley. “Schenectady to Get Another $1M from Rivers Casino Project.” The Daily Gazette. N.p., 03 Aug. 2016. Web. 03 Aug. 2016.