Resorts World submits supplemental application as casino race narrows to 3 following MGM's withdrawal - QNS
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Resorts World submits supplemental application as casino race narrows to 3 following MGM's withdrawal - QNS
"Resorts World New York City has submitted its supplemental application to the New York State Gaming Facility Location Board, which required applicants to submit material such as projected tax revenue before the Oct. 14 deadline. In major news, MGM Resorts announced that it was withdrawing its application to expand its Empire City "racino" in Yonkers ahead of the deadline, leaving just three bids competing for up to three commercial casino licenses."
"Resorts World expects to open the first phase of its casino by the summer of 2026 if it receives one of the three casino licenses on offer and said it would generate $11 billion in gross gaming revenue within the first five years of licensure, resulting in roughly $5 billion of casino-based tax revenue by 2031. It has also pledged $600 million to its license fee, $100 million more than the fee required by the state."
Resorts World New York City submitted a supplemental application to the Gaming Facility Location Board before Oct. 14 with projected tax rates, three licensing-scenario revenue estimates, and anticipated state and city tax revenue. MGM Resorts withdrew its Empire City racino expansion bid in Yonkers, leaving three competing bids for up to three downstate commercial casino licenses. Resorts World projects up to $18.8 billion in state and local taxes over ten years, expects the first phase to open by summer 2026, forecasts $11 billion gross gaming revenue in five years and about $5 billion in tax revenue by 2031, and pledged a $600 million license fee, $100 million above the state requirement.
Read at QNS
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