Resorts World NYC Looks to Make Taxation Appealing to State Officials
Resorts World New York City is making headlines as it showcases its charm to the state’s decision-makers regarding new casino licenses.
A Look Inside the Advisory Committee
The ongoing casino licensing process in downstate New York held its latest community advisory committee meeting on Monday, with Resorts World taking center stage. This time, the committee convened in a formal meeting space, drawing significant attention with a notable lineup of attendees.
Rather than lower-level players, the committee boasted prominent figures, including state Senator James Sanders, Assembly member Stacey Pheffer-Amato, and Queens borough president Donovan Richards. Pheffer-Amato was elected to chair the committee during this session.
Representatives from Resorts World, along with its parent company Genting, presented their ambitious $5.5 billion expansion plan, pending the award of one of the state’s three new casino licenses. Of the eight proposals submitted, reports suggest that Bally’s Corp may face challenges due to recent rezoning difficulties.
Kevin Jones, Genting Americas’ chief strategy and legal officer, led the presentation, emphasizing that the former Aqueduct Racetrack spans an impressive 73 acres, the largest among all contenders. Its proximity to John F. Kennedy International Airport was also highlighted as a major advantage.
“Aqueduct’s size and connectivity are unparalleled in New York,” Jones stated confidently.
In an unexpected twist, a pre-recorded message from rapper Nas, a native of Queens, was featured. Interestingly, he and Jay-Z, who is backing the Caesars Times Square proposal, had a well-documented feud in the late ’90s, adding an intriguing layer to this competitive landscape.
Taxes: A Central Theme
If one could summarize Resorts World’s pitch succinctly, it might sound like this: "Our established infrastructure enables us to rapidly increase tax contributions!"
As the largest taxpayer in New York, Resorts World has historically provided significant revenue; its video lottery terminal alone generates nearly $1 billion annually, contributing over $4.5 billion in taxes since 2011.
The casino anticipates reaching $2.2 billion in annual revenue by 2027 if granted a full casino license. For quite some time, the company has been championing potential tax benefits nearing $1 billion each year. Officials have promised to update these figures in the coming weeks.
Tax revenue is crucial for state lawmakers, who will soon require advanced bids to specify their proposed tax rates. Presently, New York’s racino tax rate hovers around 55%, in stark contrast to 9.25% in New Jersey and 6.75% in Nevada, making it a significant factor in the evaluation process.
The Speed Advantage
Resorts World is marketing its "speed to market" as one of its key benefits. After receiving a video lottery terminal (VLT) license in 2010, Genting expanded the facilities in anticipation of future growth, leading to the opening of a 400-room Hyatt in 2021.
Should they be awarded a license, Resorts World claims it could fill its space with 4,000 slots and 250 tables, beginning operations by July 2026—significantly ahead of competitors like MGM Empire City, which expects to open in mid-2027.
The complete expansion could yield a facility housing 6,000 slots and 800 tables by 2030, potentially making it the largest casino in the country.
“Our timeline is unmatched,” Jones proudly declared to the committee.
A Global Perspective
Among those vying for the licenses, Genting stands out for its global reach, operating resorts across Asia, Europe, the Caribbean, and the U.S.
Robert DeSalvio, head of Genting’s New York division, stressed the NYC region’s untapped potential, calling it a nexus for finance, tourism, and culture, characterized by a dense population of affluent households.
Having previously secured competitive bids, including one of two licenses in Singapore, DeSalvio noted the unique opportunity that exists for Resorts World in New York.
“I’ve seen major gaming markets worldwide—Las Vegas, Macau, Singapore—but nothing compares to what we have right here at Resorts World,” he asserted.
Addressing Controversies
The presentation was not without its complexities. Despite the promising proposals, Resorts World’s reputation has been tainted by past controversies at its Las Vegas property. Specifically, the casino has struggled with anti-money laundering issues involving illegal bookmakers, resulting in a whopping $10.5 million fine for past compliance failures— the second-highest imposed by Nevada regulators.
Brian O’Dwyer, chair of the New York State Gaming Commission, remarked that these allegations are concerning, specifically pointing to a troubling culture of negligence regarding suspicious activity tied to financial gain.
As Resorts World navigates this competitive landscape, it remains to be seen how these past challenges will influence its chances for success in this lucrative New York market.