Genting eyes $1bn yearly taxes for New York casino licence

As it bids for a full-fledged casino licence, Genting Malaysia said its Resorts World New York City will pay more than US$1bn in state taxes per year if awarded one of the three downstate New York licences, Bloomberg reported.

Genting Malay said it would continue to pay New York state 67 per cent of its slot machine revenue, the rate it currently pays to operate VLTs-only.

When added to the table game expansion allowed under one of the licences, Genting would increase its annual tax contribution to the state to more than $1bn, it said.

If awarded a licence, Genting has said it will invest $5bn, adding 350,000sq.ft of gaming space, a 7,000-seat arena and a 1,600-room hotel, among other amenities.

The arena would hold a variety of events but would be focused on concerts and has a partner in Queens born-and-raised rapper Nas.

Genting is competing with several other major operators for one of the licences including Las Vegas Sands, Caesars, Bally’s, Mohegan Entertainment and Soloviev Group, Saks Fifth Avenue, Hard Rock and New York Mets Owner Steve Cohen, MGM Resorts and Wynn Resorts and Related Companies.

Source: Fantini’s Gaming Report