When it comes to the dozen or so bids for three available downstate casino licenses in New York, many consider Resorts World NYC among the favorites.
Already operating as an established racino and video lottery terminal (VLT), for starters, making its transition to a full-scale casino easier and quicker than others. It also represents the largest employer of Hotel and Gaming Trades Council members. But Genting Group, which owns the property, is not taking any chances.
Appealing to state officials, no doubt, Genting indicated that if Resorts World did in fact become a fully fledged casino, it would increase the facility’s annual tax payments to New York by $1 billion.
Resorts World already a boon for NY, but bigger with downstate license
This tactic comes with relatively sound reasoning. After all, some experts believe the New York City area could rival Las Vegas as the most lucrative casino market in the United States.
And if lawmakers legalize iGaming, that license could open the door for recipients to offer online casinos in New York.
So, of course, a downstate license is a viable asset.
In terms of what Genting said regarding tax payments, for comparison, as reported by Bloomberg, Resorts World paid just over $600 million in taxes and levies last year. Resorts World stands as the state’s largest taxpayer, according to a press release that gave details of the property’s expansion proposal, paying over $4 billion in tax revenue since opening in 2011.
If Resorts World becomes a full-scale casino, Genting said it would continue to pay the state around 67% from slot revenue, with table games coming in at a lower rate. The four upstate commercial casinos currently pay a 30% tax on slots and 10% on table games.
What’s more, by earning a downstate license, Resorts World NYC could remain open 24 hours a day and offer credit to guests.
Genting set to transform Resorts World NYC into full-scale casino
Last month, Resorts World unveiled a “once-in-a-generation project” that it would become should it receive a downstate license.
The $5 billion investment — the “next chapter of growth,” Resorts World said at the time — would help create two million square feet of entertainment, gaming, retail, dining and convention space. That includes a massive 350,000-square-foot casino floor that would become one of the largest in the world.
In addition, Resorts World would add 1,600 hotel rooms on top of the existing 400 as well as a 7,000-seat entertainment venue and the Parkside Conservatory.
“We’re proud to have grown with the Queens community for over a decade,” Robert DeSalvio, president of Genting Americas East, said at the time. “When we stood here more than a dozen years ago to break ground on Resorts World New York City, our vision extended well beyond that already-ambitious original plan – today, that vision can soon become reality.
“Since we opened in 2011, we have been proud to work with New York City and State and the local community to deliver thousands of good-paying union jobs; billions of dollars in tax revenue to New York’s schoolchildren; and true partnership to hundreds of local non-profits. With the advent of the newly imagined Resorts World New York City we can, and will, do far more.”
