Resorts World has estimated that it will generate $2 billion in tax revenue for New York State’s Department of Education if it is awarded a downstate gaming license by the New York State Gaming Facility Location Board next month.
Resorts World, which has operated a racino in South Ozone Park for the last 14 years, offering electronic gambling machines but no live table games, has long been considered one of the frontrunners to receive one of up to three downstate gaming licenses on offer next month.
The Resorts World bid is one of three bids remaining in the race to obtain one of the coveted licenses alongside fellow Queens project Metropolitan Park and a Bally’s project in the Bronx.
Resorts World, however, has long insisted that it stands apart from the remaining bids because it already has the infrastructure in place to begin full casino operations as early as March next year. Meanwhile, the the other two greenfield proposals would take several years to build the necessary infrastructure if they receive a license. next month.
Resorts World estimates that it will be open for four years before either Metropolitan Park or Bally’s open their doors – and stated Thursday that the South Ozone Park casino would generate $2 billion in tax revenue for the state’s Department of Education over that four-year period.
Tax from gaming revenue at any downstate casino will be almost evenly split between education and transit, with Resorts World previously estimating that it will generate enough revenue in its first four years of operations to provide $1.9 billion in revenue to the MTA, generating a further $600 million for the transit agency through its license fee.
On Thursday, the company estimated that it would send $405 million to the public education system next year, followed by $453 million in 2027 and $475 million in 2028.
Resorts World said it expects to have completed a buildout of the largest casino floor in the United States by 2029 if it approves a license next month, allowing it to generate $696 in tax revenue for the state’s education system in 2029.
The company estimated that the casino floor will feature 10,800 gaming positions by the time it is fully completed in 2029.
It also stated that it has generated up to $5 billion in revenue for the state’s education system since beginning its “racino” operations in 2011.
Robert DeSalvio, president of Genting Americas East, the entity overseeing the Resorts World development, said the company’s projections showcase how tax revenue will flow into classrooms, supporting teachers, students and school communities over the next four years.
“Resorts World New York City is proud to stand as the only bidder that has supported public education in this state since 2011,” DeSalvio said in a statement.
“Those are more than figures but tangible differences in the lives of New York students and teachers. Our plan to expand into the largest integrated resort in the United States will take this support to an entirely new level, so we can do our part to inspire the leaders of tomorrow.”
Resorts World has outlined a whopping $5.5 billion proposal to transform the existing racino into a sprawling 5.6 million square-foot development that the gaming company says will create thousands of jobs, generate expansive public amenities and deliver new, inclusive growth for southeast Queens. It has also pledged a further $2 billion in community benefits.
The new integrated resort would see Resorts World’s current workforce expand from 1,000 existing employees to 5,000 permanent jobs across gaming, hospitality, food and beverage, security, maintenance and other fields.
Resorts World has stated that more than half of the new hires would come from Queens alone, with all workers due to begin work within the first six months of commercial casino operations.
The project would also create an estimated 5,000 union construction jobs to help build out the integrated resort, which will feature a 500,000 square-foot gaming floor comprising more than 6,000 slot machines and 800 table games. The resort would additionally feature 2,000 hotel rooms, a 7,000-seat entertainment venue, over 30 food and beverage outlets and more than 7,000 parking spaces.
