Resorts World New York casino hotel conversion

Resorts World New York casino hotel conversion

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Resorts World New York casino hotel conversion

Resorts World New York’s operator, Genting Malaysia Bhd, plans to transform the current slots-only location into a hotel with a casino in a Las Vegas-style.

Should the permit be approved, the venue might bring in over a billion dollars in state revenue per year. The venue paid six hundred million dollars in taxes the previous year.

Genting would continue to pay a sixty-seven percent levy on gaming device revenue but a smaller amount on table games like roulette and blackjack if it were to win one of the three downstate casino licenses. At the moment, MGM Resorts International’s Empire City Casino in Yonkers and Resorts World New York are both closed to table games. Regulators have not confirmed that Resorts World New York and Empire City Casino are the leading candidates for the licenses.

Genting’s request is made at a time when other businesses are fighting for Queens gambling licenses. In order to construct Metropolitan Park, which includes plans for a casino hotel close to Citi Field, New York Mets owner Steve Cohen is collaborating with Hard Rock International.

In addition to the billion-dollar tax guarantee, Genting has promised to invest five billion dollars to improve Resorts World New York if one of the permits is approved. Since opening, the facility has generated more than four billion dollars in taxes for the state and is regarded as one of the highest-grossing slot facilities in the nation. It has been in business for nearly thirteen years.

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