Talk about a payday.
Resorts World Casino New York City, New York City’s first Racino, is not only paying 94 percent of its revenues back to its patrons, but also returning a good chunk of its profits back to the state to help support education.
The Racino took in $3.18 billion between April and mid-June from gamers, according to financial reports filed with the state Division of Lottery. About $3 billion of that was won back by patrons. Sixty percent of the money collected — $178 million – in the two-and-a-half month period was returned to the state for education and the racing industry.
In less than a year, the Racino has given back almost $200 million of its revenue to the state that was earmarked for education, a Resorts World spokesperson said.
“Through Resorts World’s partnership with the Division of Lottery and the State of New York, in just nine months we have been able to generate nearly $200 million in revenue for education – a primary goal from the very beginning of the video lottery program,” said spokesperson Stefan Friedman. “We have a significant and reliable source of funding, and we are proud that our partnership with the state has proven so successful.”
Made possible through its partnership with the Division of Lottery and the State of New York, the casino will continue to return a percentage of its earnings to aid education.
“[The] impressive April-June profits [$178 million] are a win-win for our community and we should all root for its continued success,” said Councilmember Eric Ulrich. “Resorts World has committed to sharing a small percentage of its net profit with the community and [the] report shows that they are well on their way toward achieving that end.”
One patron said he thinks it is productive that the casino gives back to education, but doesn’t take it into consideration when he visits.
“It’s a good thing, but not the sole reason I keep coming back,” he said.