Genting Malaysia Bhd, the owner of Resorts World casino in New York, has pledged to pay a staggering $1 billion in taxes annually in exchange for a license to establish another gambling establishment. With its current operation situated in Queens, the company seeks to expand its footprint in the state's lucrative gambling industry. Notably, Genting already contributed over $600 million in taxes last year alone, as confirmed by a company spokesperson.
Under its proposal, Genting commits to remitting approximately 67% of its slot machine revenue to the government in taxes, encompassing administrative fees and related expenses. Although the tax share for card games like blackjack would be comparatively lower, Genting anticipates that the combined tax obligation would surpass the $1 billion threshold on an annual basis.
However, the issuance of new licenses could face delays, as highlighted by the executive director of the New York Gaming Commission in March. Various regulatory requirements, including environmental considerations, may prolong the licensing process until the conclusion of 2025. This timeline defies expectations from casino operators who anticipated a decision to be reached within this year, as reported by Bloomberg.
Among the potential contenders vying for the coveted license are industry heavyweights such as Las Vegas Sands Corp., Wynn Resorts Ltd., and financier Steve Cohen, who collaborates with Hard Rock International. As competition intensifies, Genting remains steadfast in its commitment to securing the necessary approvals and expanding its presence within the New York gambling landscape.
