Since the opening of Genting Malaysia Bhd's Resorts World Casino in New York, it has been very popular among residents and tourists, and its popularity will only increase by expanding the casino's gambling offerings. Since tax payments are estimated to be lifted by $1 billion per year, the state will also greatly benefit from the enhanced offerings.
New York City Licenses:
The city will issue three new licenses to businesses, and the Queens casino is one of those that will consider incorporating new gambling products. The city generated more than $600 million in taxes and taxes in 2023 alone, as a company spokesperson claims.
If Genting wins his license, the company will continue to pay 67 percent of the revenue from the slot machine. That amount includes all administrative and expenses. However, not all taxes will be as high. Table games, such as roulette and blackjack, will bring less money to states, but casinos will benefit from including them in their offerings.
New games aren’t all that would be changed with the new license: the casino will get a right to remain open 24 hours a day and offer credit to the players.
The operators hope that the licenses will be granted during 2024, however, as the New York Gaming Commission’s executive director said, there are various environmental and local approvals that haven’t been granted yet, so the process might be delayed until late 2025. The operators still hope that the legislature can speed up the process.
Among the operators who are known to be bidding for new licenses are Las Vegas Sands Corporation, Wynn Resorts Ltd, and Hard Rock International, who partnered with financier Steve Cohen. 안전 슬롯사이트
As Msn reports, Genting and MGM Resorts International are two companies that will most likely get the licenses, because they already operate the casinos in New York. Genting operates a casino located next to the Aqueduct race track, while MGM operates the Empire City Casino in Yonkers.
Huge fees and tax rates:
As the state’s law prescribes, the casinos will pay a $500 fee for issuing the licenses, but the tax rates the companies would be willing to pay will be one of the factors when it comes to deciding who will get the license.
Currently, the tax rates in New York are high, with a 55% rate on electronic devices, as the American Gaming Association trade group reports. To compare, in Nevada, the tax rate is set at 6.8%.
