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US – Genting to spend $400m on Resorts World New York City

By - 17 July 2017

Genting Group’s Resorts World Casino New York City is spending US$400m on an expansion, bringing its total investment to over US$1.1bn since opening the Queens casino in 2011.

Resorts World Casino New York City said the project would generate US$200m in economic activity for New York, add about 1,000 good-paying careers for New Yorkers, along with about 3,000 construction jobs and thousands of indirect jobs, and provide additional revenue for New York State’s Lottery Education Fund.
The expansion will be completed in mid-2019. It will include a new 400-room four-star hotel with five-star suites, ‘that will rival Manhattan’s finest accommodations.’

It will also have four new dining outlets, several retail offerings, space to accommodate additional new gaming and a completely new arrival experience for guests.

Resorts World Casino New York City President Scott Molina said: “We are incredibly excited to break ground on this extraordinary project, which will welcome visitors from around the world to enjoy the ultimate play, stay, dine and shop experience right here in Queens. The expansion will serve as an economic engine for our local community and the state, create more good-paying jobs for local residents, and generate significant revenue for New York State’s Lottery Education Fund.”

Genting said the expansion had “long been a part of parent company Genting’s vision of bringing an integrated resort”, popular in global destinations such as Las Vegas and Macau to New York City.
“This expansion project will bring the total investment at Resorts World Casino New York City to over US$1.1bn since opening in October 2011 after the company spent over US$700m to retrofit the existing Aqueduct grandstand to become a leading entertainment destination,” it said.

Queens Borough President Melinda Katz added: “The expansion of the first and only casino in the City of New York is yet another indicator of the growth underway here in Queens. In its more than five years of operations, Resorts World has proven to be an exemplary neighbour and partner to the surrounding community. The expansion into a world-class destination will be a boon for Queens, ushering in thousands of new, good jobs and millions in economic activity.”

Resorts World New York City generated GGR of US$826.5m, equating to 13 per cent more than Atlantic City’s biggest casino, MGM Resorts International’s Borgata Hotel Casino & Spa, and 26 per cent more than the casino revenue of Wynn Resorts Ltd’s flagship Las Vegas property.

Since its opening, the racino has generated more than $1.9bn for the New York State’s Lottery Education Fun.

It continues to be one of the top economic performers in the state, making more money for the Education Fund than any other gambling site and outperforming some Lottery games, according to figures released by the NY Lottery.

The Lottery’s fiscal year-end report shows the South Ozone Park racino’s net win, total bets minus prizes given out, was $786,411,573 from April 1, 2016 to March 31, 2017. It contributed $361,643,895 to the Education Fund, money from which is distributed to every state school district based on a formula.
The second-most profitable casino was Empire City Casino in Westchester County,which had a net win of $592,115,668 and sent $313,658,175 to the fund.

“Resorts World is proud to support New York’s public education system and is committed to continuing to help provide students with a high-quality public education,” added Mr. Molina, president of Resorts World Casino New York City in a prepared statement. “Our partnership with the State has been extremely beneficial for New Yorkers both in terms of education aid and economic development, and we look forward to an even brighter future.”

The racino said its contribution to the state is enough to hire 6,700 new teachers in New York City and supply five million textbooks to students in the state.

Despite remaining one of the top contributors, Resorts’ contribution was slightly less than the previous fiscal year’s.

In 2015-/6, its net win was $845,907,210 and $390,780,113 went to the fund, decreases of approximately $60mand $30m, respectively.

Overall contributions to the Education Fund saw a slight dip as well, relatively speaking.
The 2016-17 fiscal year saw $9.8bn sent to schools statewide, compared to a $9.69 billion contribution in 2015-16.

In the most recent fiscal year, Resorts was outperformed by scratch-off games, which had $4bn in total sales and sent close to $870m to the Education Fund, Win 4, $920,766,428 in total sales and close to $380,000,000 sent to the fund, Numbers, almost $900m in total sales and $370m to the fund, and QuickDraw, about $795,000,000 in total sales and $247,466,316 to the fund.

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