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Posted at: 8:24am, April 7, 2024
Updated on April 7, 2020, 8:24 a.m.
Genting Malaysia Bhd (which runs Resorts World New York) said that the property could generate $1 billion in taxes annually to the State if they are granted permission to transform it into a Las Vegas casino style hotel.
Malaysian gaming conglomerate one of many companies competing for 3 downstate licenses. New York regulators will be expected The award will be made in late 2019.. A spokesman said that Resorts World New York, which is a slot-only casino in Queens at the moment, paid taxes of $600,000,000 to New York State last year. Bloomberg.
If Genting were to be awarded one of three licenses in the downstate area, it would still pay 67% on gaming devices revenue but would have a smaller percentage for table games like blackjack and roulette. The games are not allowed at Resorts World New York or MGM Resorts International Empire City Casino, both located in Yonkers.
Empire City, and Resorts World New York, are considered to be two of the leading contenders for three licenses downstate, but regulators have not confirmed this yet.
Queens Competition for Resorts World New York
Genting said that the Queens casino could bring in $1 billion in revenue to New York, which is in dire need of cash. Rivals are stepping up their efforts to secure gaming licenses in New York.
New York Mets owner and hedge fund billionaire Steve Cohen is partnering with Hard Rock International — the gaming unit of Florida’s Seminole Tribe — to develop Metropolitan Park. It’s a $8 billion project to revitalize the area around Citi Field, which includes plans for an casino hotel.
Resorts World New York is only 15 minutes away from the Mets Stadium. Regulators have not commented whether they are in favor of having two casinos located within one borough. Jessica Ramos’ (D-Queens), State Senator, could doom the Cohen/Hard Rock casino plan if she doesn’t bring forward legislation to take away the parkland designation.
Genting, for its part is proactive. The company announced in February that it would also pledge $1 billion to tax. Five billion dollars would be allocated Resorts World New York is requesting that it enhances the property, and converts it into a casino if it receives one of the licenses.
Resorts World New York Could Have Some Advantages
Genting, the only foreign casino company that is competing to win one of three New York City licenses may have an advantage over the domestic competitors.
Resorts World New York, which has operated for almost 13 years now, is also announcing a $1 billion tax plan and committing to reinvesting $5 billion. In that time it has earned the reputation of being the top slots venue in the nation, so New York regulators have a good understanding of its tax-generating abilities.
Resorts World New York, since opening in 2001, has brought over $4 billion to the State. Genting operates two other casinos upstate New York.
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