Since the opening of Genting Malaysia Bhd’s Resorts World casino in New York City, the place has become very popular among the residents and tourists, and the popularity will be further increased by expanding the casino’s gambling offering. The state would also greatly benefit from enhanced offerings since it is estimated that the tax payments would be lifted by $1 billion annually.
New New York City licenses:
New York City will issue three new licenses to operators, and the Queens casino is one of those that will be considered for incorporation of the new gambling products. Only in 2023, the city generated over $600 million in taxes and levies, as the company’s spokesman claims.
If Genting gets a license, the company will continue to pay 67% of the revenue it earned from slot machines. That amount includes all administrative fees and expenses. However, not all taxes will be so high. Table games, such as roulette and blackjack will bring less money to the state, but the casino will benefit from incorporating them in its offering.
New games aren’t all that would be changed with the new license: the casino will get a right to remain open 24 hours a day and offer credit to the players.
The operators hope that the licenses will be granted during 2024, however, as the New York Gaming Commission’s executive director said, there are various environmental and local approvals that haven’t been granted yet, so the process might be delayed until late 2025. The operators still hope that the legislature can speed up the process.
Among the operators who are known to be bidding for new licenses are Las Vegas Sands Corporation, Wynn Resorts Ltd, and Hard Rock International, who partnered with financier Steve Cohen.
As Msn reports, Genting and MGM Resorts International are two companies that will most likely get the licenses, because they already operate the casinos in New York. Genting operates a casino located next to the Aqueduct race track, while MGM operates the Empire City Casino in Yonkers.
Huge fees and tax rates:
As the state’s law prescribes, the casinos will pay a $500 fee for issuing the licenses, but the tax rates the companies would be willing to pay will be one of the factors when it comes to deciding who will get the license.
Currently, the tax rates in New York are high, with a 55% rate on electronic devices, as the American Gaming Association trade group reports. To compare, in Nevada, the tax rate is set at 6.8%.
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