Summary:
- Resorts World wants one of three available casino licenses.
- The casino paid over $600 million in taxes and levies in 2023.
- Genting will continue to pay 67% of slot earnings if given the license.
Genting Malaysia Bhd, the owner behind the Resorts World Casino in Queens, New York, hopes that its pledge of $1 billion in tax payments will help secure a full-scale gaming license.
The casino is one of several vying for one of three gaming licenses on offer in downstate New York. The brand paid over $600 in taxes last year and promises to offer even more if it can add more games to its casino.
Huge Pledge by Genting
The casino’s owners say they will continue to pay a high 67% tax rate on real money slot machine revenues if they can obtain a license. This would include other expenses and administrative fees. The share that the casino would pay on table games would be much lower.
An expanded license would allow Resorts World to add table games and stay open 24 hours a day. The casino would also be able to offer a line of credit to players as needed. All of these changes would bring even more business to the casino.
The promise by Resorts World is a big one and could help the brand be one of the three operators selected for licensing. In March, the New York Gaming Commission stated that it will most likely be 2025 before a license is awarded. Environmental and local approvals are slowing down the process.
More on Resorts World
The Resorts World Casino is located in Queens at the Aqueduct Race Track. The casino hopes to obtain licensing and add 10,000 jobs to the state. A full-casino license would allow the casino to add table games like blackjack and poker. The casino currently offers only slot-style games.
If the license is granted, Resorts’ new plan is to spend around $5 billion and make several changes. The casino floor would expand to 350,000 square feet, and 1,600 new hotel rooms would be added.
A conference and entertainment space and, a sports academy, a green space, and more are also in the mix. Resorts World is expected to get one of the licenses, but the competition is fierce. Several top names, including Caesars, Wynn Resorts, Las Vegas Sands, Bally’s, and others, are also hoping to be considered.
It may be some months yet before we find out which three operators will be given licensing and what to expect from new casinos in the downstate area of New York. Hopefully, the process will speed up a bit so the area can become one step closer to offering more gaming options to residents and visitors.
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