KUALA LUMPUR, April 9 — Genting Malaysia Bhd — which owns the Resorts World casino in New York City — said an expansion of its gambling offering there would lift its tax payments to the state by US$1 billion (RM7.12 billion) annually, in its bid to seek one of the three new casino licences officials are considering for the area.
International news wire Bloomberg reported today that Genting has pledged to continue paying the US state about 67 per cent of its slot machine revenue in taxes inclusive of administrative fees and other expenses; while shares paid for table games would be lower.
The Malaysian casino operator based in Queens paid more than US$600 million in taxes and other levies last year, a company spokesman was quoted as saying in the Bloomberg news report.
The company was also quoted as saying an expanded licence could allow the casino to stay open 24 hours and offer credit to bettors.
Under New York’s casino law, winners of the licences will pay a one time US$500 million fee to the state.
Licence bidders are expected to compete based in part on how much they are willing to pay in taxes.
Potential bidders include Las Vegas Sands Corp, Wynn Resorts Ltd and financier Steve Cohen, who has partnered with Hard Rock International.
The executive director of New York’s Gaming Commission told the board last month that environmental and other local approvals may delay the awarding of the licences into late 2025.
However many casino operators expected a decision this year, and some think the legislature can accelerate the process.
According to the American Gaming Association trade group, New York has some of the highest casino taxes in the US with an effective 55 per cent rate on electronic devices.
Casinos in another US state, Nevada — where Genting has a Las Vegas resort — reportedly pay 6.8 per cent.
