PRESS RELEASE
June 18, 2012
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
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 -- combined contributed 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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