Making lemonade out of Schenectady’s Rivers CasinoBy Phil Steck, Times UnionJuly 17, 2018 at 4:15 pmNew York came to the casino dance a bit late. In a saturated casino market, projected revenues were unrealistic. But are the casinos a failure? I can only speak to the one casino in my district — Rivers.Rivers pays 48.8 percent of its revenue to the state, by far the highest of any gambling facility. Four percent goes to the racino in Saratoga, with the money held in escrow to increase purses for horsemen. The racino thus benefits, despite saying otherwise. And Rivers is the only authorized gambling facility that doesn’t deduct a state credit for marketing.The 48.8 percent is not a tax on income in the way other businesses are taxed. If a business has no income, it pays no tax. But the casino pays 48.8 percent of its revenue to the state, regardless of income.