Genting Malaysia, the owner of Resorts World Casino in New York City, has promised to increase its tax payments to the state to over $1 billion annually if granted one of the three new licenses.
Last year, the Queens-based resort paid over $600 million in taxes, as confirmed by a spokesman for the casino giant. Genting has assured that it will continue to contribute around 67 percent of its slot machine revenue to the state, which includes various fees and expenses. While the percentage for table games like blackjack may be lower, it is expected to push the overall annual tax contributions past the $1 billion mark.
However, the awarding of the licenses may face delays due to environmental and local approvals, with some estimates suggesting a decision may not be reached until late 2025. Despite this, several casino operators, including Las Vegas Sands, Wynn Resorts, and financier Steve Cohen, who has teamed up with Hard Rock International, are expected to vie for the licenses.
Genting and MGM Resorts International, the operator of Empire City Casino in Yonkers, are considered strong contenders due to their existing facilities in the region. Winning the new licenses would allow them to expand their offerings to include popular table games like blackjack and roulette.
It’s worth noting that under New York’s casino law, successful license applicants will be required to pay a one-time fee of $500 million to the state. The competition among bidders is likely to focus on their proposed tax contributions, with New York’s high casino tax rates being a significant factor. Compared to Nevada, where Genting also operates a Las Vegas resort, New York imposes a much higher effective tax rate of 55 percent on electronic devices, significantly higher than Nevada’s 6.8 percent.
