Resorts World Casino New York City proudly announces a remarkable achievement, crossing the $4 billion mark in revenue generated for New York’s lottery education fund over the past 12 years. As a flagship property of Genting Americas East, the casino’s president, Robert DeSalvio, reflects on a memorable summer and emphasizes the positive impact on students and education in the state. This significant milestone positions Resorts World as a key contributor to the community and underscores its commitment to New York’s development.
Genting’s Commitment to New York:
Robert DeSalvio, President of Genting Americas East, expresses pride in Resorts World’s achievements, highlighting the substantial contribution made to New York’s public schools. He underscores the commitment to communities, the workforce, and the state at large. DeSalvio sees this as just the beginning, signaling the potential for continued growth and elevated contributions across New York.
Positive Impact on Education:
Thomas Grech, President and CEO of Queens Chamber of Commerce, acknowledges the ongoing growth and success of Resorts World in Queens, emphasizing the direct benefits to students and educators. The impressive figures not only reflect the positive impact over the past 12 years but also hint at the greater potential for future contributions to education in the state.
Expansion with Resorts World Hudson Valley:
In December 2022, Genting expanded its footprint with the opening of Resorts World Hudson Valley, situated in what was formerly a Bon-Ton department store in Newburgh Mall. The casino boasts 50,000 square feet of gaming and hospitality space, featuring 1,200 slot machines, electronic table games, and the Resorts World Bet Sports Bar. This strategic expansion reinforces Genting’s commitment to providing entertainment and economic growth in the region.
New York Sports Betting Landscape:
A shift to the broader New York gaming landscape reveals insights into the state’s sports betting industry. In June, the sports betting handle reached $1.17 billion, marking an 11.3% increase compared to the previous year. However, there was a 14% decline from May’s figures. Despite the fluctuations, the New York Gaming Commission reports revenue of $103.8 million in June, reflecting a 42% YoY growth and underscoring the financial success of the industry.
Industry Metrics and Trends:
Delving deeper into the sports betting metrics, New York operators closed June with an 8.6% hold, slightly lower than the previous month. The reported tax revenue of $52.9 million, while experiencing a decrease from May, remains a substantial contribution to the state’s coffers. Understanding these metrics provides valuable insights into the dynamics of the sports betting landscape in New York.
Reflection on Tax Revenue and Hold Percentage:
Examining the reported tax revenue and hold percentage reveals nuances in the financial landscape. Despite a decrease in tax revenue compared to May, the $52.9 million figure remains a significant source of income for the state. The 8.6% hold percentage suggests a healthy industry, albeit slightly lower than the previous month. These figures offer a comprehensive view of the economic impact of sports betting in New York.
Resorts World Casino New York City’s achievement of surpassing $4 billion in revenue for New York’s education fund is a testament to Genting’s commitment to community development and education. The strategic expansion with Resorts World Hudson Valley further solidifies this commitment. The analysis of New York’s sports betting landscape provides valuable insights into industry trends, metrics, and financial contributions to the state. As Resorts World looks ahead, its continued impact on education and the broader gaming industry in New York promises to be a story of sustained success and positive community engagement.