Genting Malaysia, owner of the Resorts World New York City racino in Queens, has predicted its tax payments to the state of New York will rise from approximately $600 million currently to $1 billion if the operator is granted one of three downstate casino licenses available in the state.
Genting has proposed a $5 billion transformation of its 6,500-slot casino, adjacent to the Aqueduct thoroughbred racetrack, into a 350,000-square-foot casino including slots and tables, with1,600 new hotel rooms, a 7,000-seat entertainment venue and other amenities.
The Malaysian operator, in a statement to Bloomberg, also pledged to continue to pay the state 67 percent of its slot revenue in taxes. The law that authorizes the downstate casinos holds that the operators propose their own tax rates, with a minimum of 25 percent tax on slot revenues and 10 percent on tables.
Genting says the 67 percent rate would include administrative fees and other expenses, which would, presumably, include the annual license fee of $500 per machine required under the law.
The New York Gaming Commission has indicated it will not accept applications until Q1 2025, with license awards to come late next year. There are 11 contenders for the three downstate licenses.
