- Queens casino expects to send $2.5 billion in taxes to MTA over the next four years
- That exceeds the $1.8 billion in MTA contributions expected from three downstate casinos
- Higher forecast attributed to Resorts World New York’s debut date as a traditional casino
Resorts World New York expects to contribute $2.5 billion over the next four years to New York’s Mass Transit Authority (MTA), according to a new forecast.
That’s well above the $1.8 billion MTA is expecting to haul in from the three downstate casino permit fees and taxes tied to the yet-to-be-built gaming venues. The estimate from the Genting-operated gaming venue is arguably a relief because it’s been widely speculated that casinos aren’t salvation for MTA’s funding woes.
With an upfront license fee of $600 million and $1.9 billion in tax payments to the MTA in the next 4 years, RWNYC will generate $2.5 billion in taxes for the MTA. MTA’s budget from casinos are $500 million in 2026, $500 million in 2027, $600 million in 2028 and $200 million in 2029 for a total of $1.8 billion,” according to a statement issued by the operator of the Queens gaming venue.
Resorts World New York is one of just three bidders left in the race for the trio of downstate licenses with Bally’s and Hard Rock International being the others.
Resorts World NY Upping the Ante
Resorts World New York is just a few days removed its 14th anniversary and over that time, the slots-only venue has contributed billions to state and local coffers — a track record that’s made the property all but assured of landing one the downstate licenses.
Even with that frontrunner status, Genting’s approach has been aggressive. The Malaysian company is pledging to pay a licensing fee of $600 million, above the $500 million required by the state, and higher gaming taxes if it’s awarded one of the downstate permits. Those could be among the catalysts behind the upped MTA forecast.
The company has said that if it’s granted permission to convert the Queens venue to a traditional casino, it will invest $5.5 billion in converting its Queens property to a Las Vegas-style casino, not including $2 billion in community perks. That’s significantly more than the company spent to build Resorts World Las Vegas — its lone Sin City property.
Other Tailwinds for Resorts NY Bid
Arguably, Resorts World New York doesn’t need to sweeten its bid for a Big Apple license because it already has favorable factors on its side. Those include an estimated opening date as a Las Vegas-style casino of March 2026, assuming regulators award licenses before the end of this year. That timeline implies the city and state will more quickly collect increased tax revenue from the property.
Additionally, the venue is pledging more financial support for education and the New York Racing Association (NYRA).
“In addition to the MTA, RWNYC will also provide $2 billion to education and $0.5 billion to NYRA in support of the equine industry in New York. That will build on the nearly $5 billion RWNYC has sent to the state public education system since 2011, as well as billions for the equine industry that has sustained tens of thousands of jobs,” added Genting in the statement.
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