Jackpot For New York's Students: Resorts World Now Leads Entire Nation In Slot Revenue  

Casino/Racino

Jackpot For New York's Students: Resorts World Now Leads Entire Nation In Slot Revenue

Queens destination outpaces Vegas, Atlantic City and all others -- sends more than $25 million into state education fund in just one month; delivers more in taxes than all 41 Las Vegas Strip casinos ... combined

NEW YORK, June 18, 2012 /PRNewswire-USNewswire/ -- Resorts World Casino New York City (RWNY) has surpassed the Las Vegas Strip, Pennsylvania, Atlantic City, Connecticut and all other locales to become the single largest gross slot gaming revenue and tax-generating gaming property in all the United States, according to just-released monthly figures.

Resorts World New York generated gross gaming revenues of $57.5 million in May, outpacing second place Mohegan Sun at $55.4 million. More than $40 million, or 70 percent, of Resorts World's monthly gaming revenues went to education, the horse racing industry and other state entities.

"Resorts World's model has maximized gaming revenue for New York State in a manner that has not been replicated by any other facility in the nation," said Michael Speller, President of Resorts World Casino New York City. "We are proud of the incredible revenue Resorts World has generated to support the education of New York's students and the more than 3,000 jobs we have created for hard-working New Yorkers. This is a partnership that works, and as the State considers a referendum to permit table games, it should ensure that the current high tax base is not eroded. Resorts World looks forward to pursuing additional opportunities in the future to generate even more revenue and create thousands more jobs for New York."

To put the numbers in context, while Resorts World distributed about 70% of its gross gaming revenues or more than $40 million to the state of New York and other entities in May, the 41 Las Vegas Strip casinos -- which have a tax rate of approximately 6.75 percent -- combinedcontributed about $30 million to Nevada in April, the 12 casinos in Atlantic City paid $18.3 million to New Jersey, while Mohegan Sun and Foxwoods Resort Casinos together generated $28 million for Connecticut in May.

"As New York State proceeds down the path of full legalized gaming, it is crucial that taxpayers and students not get shortchanged in the process," said Assemblyman J. Gary Pretlow, Chair of the Assembly Racing and Wagering Committee. "As evidenced by Resorts World's May figures, the state's education system greatly benefits from our current gaming structure. Any changes to that structure must ensure that students get more, not less, of the revenue that gaming brings to the state."

To date, in just eight months of operation, Resorts World Casino New York City has sent more than $252 million in taxes to the state, with more than $162 million earmarked for education.

Resorts World Casino New York City (Resorts World) is the first entertainment destination of its kind in the five boroughs of New York City. Resorts World is operated by the Genting Group, a global company, founded in 1965, and operating Destination Resorts in Asia, Europe, North America and on all four oceans through the 50% ownership of Norwegian Cruise Line and Star Cruises brands. The Genting Group employs nearly 45,000 employees.

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Aqueduct Cuts Into Gambling Revenue At Yonkers Aqueduct Raceway is touting its successes today, saying it brought in revenues of $57.5 million in May and surpassed the largest casinos in Connecticut and Las Vegas.

The best month for the Resorts World Casino New York City in Queens was in March, when it brought in $59 million. The racino opened late last year.

The success of the racino at Aqueduct has impacted Yonkers Raceway, which is 15 miles from midtown Manhattan and is the second largest racino in New York. In May, Yonkers brought in $47 million in net win—the amount of money left after payouts to winners. In May 2011, it was about $10 million more, a total of $57 million.

Yonkers has also cut back on its number of video-lottery terminals. In May, the track had 4,885 VLTs. In May 2011, it had 5,354, according to the state Lottery.

The win per machine for Yonkers—a key indicator of profitability—was $342 a machine in May 2011. Last month, it was $309.

The win per machine for Aqueduct in May was $375 and it had 4,943 machines.

Resorts World touted its numbers as it seeks full-scale casinos under a plan by Gov. Andrew Cuomo and the state Legislature to legalize casino gambling. It also is trying to show that giving the casinos to private vendors might hurt the aid the state gets for education, which gets about 45 percent to 50 percent of the gambling revenues.

Yonkers is also pushing for legalized gambling and told Gannett’s Albany Bureau last week that it might open a convention center, hotel and arena if it can add table games.

The Resorts World press release also includes a quote from Yonkers Assemblyman Gary Pretlow, who is chair of the Assembly Racing and Wagering Committee.

“As New York State proceeds down the path of full legalized gaming, it is crucial that taxpayers and students not get shortchanged in the process,” Pretlow said in a statement. “As evidenced by Resorts World’s May figures, the state’s education system greatly benefits from our current gaming structure. Any changes to that structure must ensure that students get more, not less, of the revenue that gaming brings to the state.”

http://statepolitics.lohudblogs.com/2012/06/18/aqueduct-cuts-into-gambling-revenue-at-yonkers/