Report Shows Benefit of Aqueduct Casino
Genting Americas has contributed more than $1.3 billion in payments to New York State and more than $200 million to the New York Racing Association and purse and breeding funds since opening its successful Resorts World Casino at Aqueduct Racetrack two years ago.
The reported numbers by the Malaysian-based gambling company come as New York is asking voters statewide Nov. 5 to approve a change in the state's constitution to permit up to seven new casinos.
Payments by Genting to the state, which are mandated by law, include $930 million the past two years in revenue-sharing and $381 million it paid as a licensing fee when awarded the casino contract.
"In just two years of operation, it is clear that Resorts World Casino New York City has been an incredible success," said Christian Goode, senior vice president of development at Genting Americas.
Genting, which employed an army of lobbyists, was denied in its bid to have its facility included in the state's casino expansion proposal that would have permitted it to replace video lottery terminals with slot machines and to include table games such as poker. The state's plan calls for the first four casinos to be located upstate and no casinos in New York City for seven years, though there are loopholes where that could change.
Records of the New York Gaming Commission, which regulates the state's nine racetrack-based gaming operations, show that $1.4 billion was bet at the Aqueduct facility in September 2013, the most recent reporting period. The more than 5,005 machines saw a net win per machine of $432 during the month.
In a six-month period since April, the Aqueduct VLT casino has produced a net win of $404 million.
By law, 44% of the net win goes to a state pot for public school funding. The remaining distributions change depending on the year, but purses for the past year have gotten 7% of net win proceeds. That percentage rises to 7.5% Oct. 28, and distributions to the breeding fund on that date will go from 1.25% to 1.5%, according to the NYGC.
Precise numbers on how much the casino has meant for purses the past two years were not immediately available.
Resorts World said 35,000 people on average come through the doors of the Aqueduct casino each day. The facility this year opened a new subway station on the grounds of Aqueduct and has begun free bus service to get bettors from Manhattan to the Queens facility.
Resorts World has also put financial pressure on casinos in Connecticut and Atlantic City, N.J., which for years had run busloads of people from the New York City market to their facilities.
Copyright © 2014 The Blood-Horse, Inc. All Rights Reserved.