In a bold move that could reshape the New York City casino landscape, Genting Malaysia has pledged to contribute over $1 billion in taxes annually to secure one of the coveted casino licenses being considered for the area. This commitment marks a significant escalation in the bidding war, promising to deliver substantial revenue to the state and signaling Genting’s confidence in its ability to operate a successful gaming establishment in the bustling metropolis.
A High-Stakes Pledge
Genting’s proposal to pay a staggering $1 billion in taxes each year is a testament to the company’s determination to expand its footprint in the New York City area. The pledge comes with the promise of transforming the Resorts World casino in Queens into a full-fledged gaming destination, complete with table games like blackjack and roulette, which are currently absent from the venue’s offerings.
The company’s current tax contributions, stemming primarily from slot machine revenue, already exceed $600 million. By maintaining this tax rate and expanding its operations, Genting aims to surpass the billion-dollar mark, a figure that dwarfs the taxes paid by casinos in states like Nevada. This move could set a new standard for the industry and influence future casino tax policies nationwide.
The Race for the License
The competition for the New York City casino licenses is fierce, with major players like Las Vegas Sands and Wynn Resorts in the fray. Genting’s aggressive tax pledge positions it as a frontrunner, leveraging its existing presence at the Aqueduct racetrack to argue for a seamless expansion. The company’s strategy hinges on the belief that its established operations and proposed tax contributions will outweigh competitors’ bids.
The New York Gaming Commission, tasked with awarding the licenses, has indicated that the decision may be delayed until late 2025 due to environmental and local approvals. However, Genting’s commitment could accelerate the process, as the state evaluates the potential economic benefits of granting the license sooner.
Implications for New York
The implications of Genting’s billion-dollar tax pledge are far-reaching. Beyond the immediate financial boon to the state, the move could catalyze a series of developments in the region. The expansion of Resorts World would create jobs, boost tourism, and potentially lead to further investment in the area.
Moreover, the pledge reflects the evolving landscape of casino gaming in the United States, where operators are increasingly willing to make substantial financial commitments to secure a foothold in lucrative markets. New York’s decision on the casino licenses will not only shape the future of gaming in the city but also signal the direction of the industry at large.
