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The community advisory committee phase of the downstate New York casino licensing process continued Monday morning, with Resorts World New York City as the latest focus.
In contrast with last week’s meetings, Resorts World’s CAC met in what looked to be an actual meeting room, with several attendees. The committee itself is among the most star-studded of the field.
Instead of assistants and lower-level officials, it features state Senator James Sanders, Assembly member Stacey Pheffer-Amato and Queens borough President Donovan Richards, all of whom used their right to appoint themselves. Pheffer-Amato was elected chair Monday.
Representatives from Resorts World and parent company Genting were on hand to explain the details related to the property’s sprawling $5.5 billion expansion plan, if it is awarded one of the state’s three new casino licences. Eight bids were submitted last month for the licences, although the one from Bally’s Corp appears unlikely to proceed due to losing a rezoning effort.
Leading the Resorts World presentation was Kevin Jones, chief strategy and legal officer for Genting Americas. Jones explained how, at 73 acres, the former Aqueduct Racetrack is by far the largest parcel of all potential bids. Its location minutes away from John F. Kennedy International Airport was also a focal point.
“Aqueduct offers a scale and connectivity that no other site in New York can match, period,” Jones asserted.
A premade sponsor video from native Queens rapper Nas was also played. Notably, Nas and fellow rapper Jay-Z, who is the premier sponsor of the Caesars Times Square proposal, had a volatile and highly publicised feud in the late 1990s. While the two were said to have reconciled, they again find themselves on opposite sides of a New York battle.
Read my lips: all the taxes
If Resorts World’s bid was to be distilled to just one sentence, it would likely read something like this: “Our existing infrastructure allows us to start paying even more taxes than we already do, quicker than anyone else!”
By far the biggest selling point of the project is the fact that Resorts World is already the biggest direct and indirect taxpayer in New York state. The video lottery terminal facility brings in annual gross gaming revenue of nearly $1 billion annually, and thus has contributed over $4.5 billion to the state in taxes since 2011.
If awarded a full casino licence, Resorts World is projecting annual revenue of $2.2 billion by 2027. For almost a year now, the casino has been touting potential tax benefits approaching $1 billion per year. Company officials declined to confirm those numbers Monday and will give more up-to-date estimates in the coming weeks.
Tax revenue is a central point of consideration for the state, and the bids that advance past the CAC phase will be asked to pitch their own proposed tax rate. Currently, New York racino machines are taxed at an effective rate of about 55%, per the American Gaming Association. That’s compared to 9.25% for New Jersey casinos and 6.75% in Nevada. The Empire State’s online sports betting market is also tied for the highest tax rate in the US (51%).
Need for speed
Speed to market is also among Resorts World’s touted advantages. When the property was awarded a VLT licence in 2010, Genting expanded it more than necessary in hopes of future growth. It then opened a 400-room Hyatt in 2021.
If awarded a licence, executives say the property would simply fill out all of its available space with 4,000 slots and 250 tables, allowing it to begin operations by July 2026. That’s a full year before the next-fastest speed to market, fellow racino MGM Empire City, which is pitching mid-2027.
After that first phase, the rest of the expansion facilities would be built gradually over the next five years. By 2030, the finished facility would feature 6,000 slots and 800 tables, which would make it the biggest casino in the US if it comes to fruition.
“No other proposal can come close to our speed to market,” Jones enthusiastically told the committee.
Global perspective
Of the gaming companies vying for the licences, Genting is among the most global in scope. It operates resorts in Asia, Europe, the Caribbean and the US.
Robert DeSalvio, head of Genting’s New York operations, called the NYC region the “epicenter of finance, tourism and culture”. It is the largest untapped metro area for gaming, he said, and is highly saturated with wealthy households.
While the New York process is competitive, DeSalvio noted how Genting has previously won several highly sought bids, including one of just two Singapore licences.
“During my career, I’ve seen world-class gaming markets in places like Las Vegas, Macau, Singapore and Malaysia,” he said. “But I have never seen an opportunity comparable to what lies before us right here at Resorts World.”
What happens in Vegas…
Monday’s presentation was flashy, extensive and well-prepared. The combination of the high tax revenue, existing relationship with the state, and speed to market makes Resorts World an apparent frontrunner in the race among bidders. Yet an ugly facet of its business has made news some 2,500 miles to the west.
For multiple years, Resorts World Las Vegas has been embroiled in an anti-money laundering controversy related to multiple illegal bookmakers who were allowed to frequent the resort despite the casino’s knowledge of their background and source of funds. This includes Matt Bowyer, the bookie who accepted action from baseball star Shohei Ohtani’s former interpreter Ippei Mizuhara. RWLV even hired Bowyer’s wife, Nicole, to be her husband’s personal host.
The casino in late March was fined $10.5 million for historic AML failures, which represented the second-largest fine ever levied by Nevada regulators. Former RWLV president Scott Sibella, who was at the center of the scandal, also had his gaming licence revoked. Alex Dixon was brought in as president in January, only to be quietly fired and demoted by May.
Brian O’Dwyer, chair of the New York State Gaming Commission, said last month that the current phase of the licensing process started with an open slate. O’Dwyer told the New York Post last September, however, that it was “of particular concern” to see the allegations against Resorts World.
“These allegations in the complaint are particularly disturbing in that it alleges a culture of non-compliance in that information on illicit or suspicious activity was either negligently or worse fully disregarded to promote financial gain,” O’Dwyer said at the time.
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