Genting’s Pledge to Pay $1 Billion in Taxes to Secure New York Casino License

Genting, the owner of Resorts World casino in New York City, has made a pledge to increase its tax payments to the state to over $1 billion annually if granted an expansion of its gambling operations.

Genting, the operator of Resorts World in Queens, already paid over $600 million in taxes last year. This amount underscores the casino’s economic impact on the state. However, the company is now seeking one of the three new casino licenses being considered for the New York City area, which would allow for further expansion of its offerings.

To secure the casino license, Genting has pledged to continue paying approximately 67% of its slot machine revenue in taxes, including administrative fees and other expenses. While the tax share for table games like blackjack would be lower, the overall commitment is expected to surpass the $1 billion mark. This commitment demonstrates Genting’s dedication to contributing significantly to the state’s tax revenue.

If awarded the casino license, Genting’s increased tax payments would provide a substantial boost to New York’s economy. The additional revenue could be allocated to various sectors, such as education, healthcare, and infrastructure projects. Moreover, the expansion of the casino’s operations would create new job opportunities and stimulate local businesses.

Genting faces competition from several other prominent players in the casino industry who are also vying for the New York City casino license. Las Vegas Sands, Wynn Resorts, and financier Steve Cohen, in partnership with Hard Rock International, are among the potential bidders. However, Genting and MGM Resorts International are considered strong contenders due to their existing facilities in the area.

While the casino license decision was initially expected this year, a delay is possible due to environmental and local approvals. The executive director of New York’s Gaming Commission has suggested that the licenses may not be awarded until late 2025. However, there is hope that the legislative process could be expedited to accelerate the decision.

New York has some of the highest casino taxes in the country, with an effective rate of 55% on electronic devices. In contrast, casinos in Nevada, where Genting also operates a Las Vegas resort, pay a significantly lower tax rate of 6.8%. The willingness of bidders to pay taxes will likely be a factor in the licensing process.