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The casino generating the most money for its state is not in Las Vegas or Atlantic City — it is in Queens.
Resorts World Casino New York City in South Ozone Park has surpassed the Vegas Strip, Pennsylvania, Atlantic City, Connecticut and all other gaming locales to become the single largest tax-generating gaming property in the country, according to figures released by the casino.
The gaming giant generated gross gaming revenues of $57.5 million in May — outpacing second place Mohegan Sun in Connecticut at $55.4 million. And that is not only good news for Resorts World, it is also great news for state education since more than $40 million — or 70 percent — of the casino’s monthly gaming revenues go to education, the horse racing industry and other state entities.
According to a representative of the casino, the $40 million distributed by Resorts World to the state is more than all 41 Las Vegas Strip casinos combined — which contributed $30 million to Nevada. 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.
“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.
Speller went on to say that these new numbers should be an indication of just how much money could be generated if a constitutional amendment was added to allow table gaming in the state.
“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,” he said. “Resorts World looks forward to pursuing additional opportunities in the future to generate even more revenue and create thousands more jobs for New York.”
State Assemblyman J. Gary Pretlow (D-Yonkers) , chairman of the Assembly Racing and Wagering Committee, cautioned that if there are changes to the state’s gambling laws, education must continue to receive its fair share.
“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 Pretlow. “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.
Reach reporter Steve Mosco by e-mail at email@example.com or by phone at 718-260-4546.
©2012 Community Newspaper Group
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