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Genting Malaysia Bhd, which runs Resorts World New York

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Genting Malaysia Bhd, which runs Resorts World New York

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The Malaysian conglomerate is one of a slew of gaming companies vying for three downstate casino licenses New York regulators are expected to award late next year. Currently a slots-only venue in Queens, Resorts World New York paid $600 million in taxes to the state last year, a spokesman told Bloomberg.

Should it be granted one of the three downstate licenses, Genting would continue paying a 67% levy to New York on its gaming device revenue, but the operator would pay a lower percentage on table games such as blackjack and roulette. Those games and other table offerings are currently forbidden at Resorts World New York and MGM Resorts International’s Empire City Casino in Yonkers.

Due to their established footprints in the New York metro area, Empire City and Resorts World New York are widely viewed as two of the top contenders for a pair of three downstate licenses, but no regulators have confirmed as much as of yet.

Resorts World New York Facing Queens Competition

Genting’s comments that its Queens gaming venue could deliver $1 billion or more in receipts to cash-strapped New York come as rivals are ramping up efforts to land gaming permits there, including in the same borough.

New York Mets owner and hedge fund billionaire Steve Cohen is partnering with Hard Rock International, the gaming unit of Florida’s Seminole Tribe, to develop Metropolitan Park. That’s an $8 billion proposal for rejuvenating the area near Citi Field and includes plans for a casino hotel.

The Mets’ stadium is about 15 minutes from Resorts World New York and regulators haven’t commented on whether or not they support the idea of two casinos in one borough. The Cohen/Hard Rock plan could be doomed if State Sen. Jessica Ramos (D-Queens) doesn’t introduce legislation to remove the parkland designation from the property being pitched as a casino site.

For its part, Genting is being proactive. In addition to the $1 billion tax pledge, the company said in February it would allocate $5 billion to Resorts World New York to enhance the property and convert it to a traditional casino should it one of the permits.

Resorts World New York Might Have Advantages

While Genting is the lone foreign company competing for one of the three New York City casino licenses, it might have a leg up on domestic competition.

In addition to the $1 billion tax promise and the $5 billion spending plan, Resorts World New York has been operational for nearly 13 years. Over that time, it’s earned a reputation for being one of the highest-grossing slots venues in the country, meaning New York regulators are familiar with the property’s tax-generating capabilities. 슬롯사이트

Since opening, Resorts World New York has generated more than $4 billion in taxes for the state. Genting also operates two casinos in upstate New York.

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Russian authorities expect revenues to reach 165 million rupees ($2.5 million) this year in the integrated maritime entertainment zone, a casino development zone 50 kilometers (31 miles) from the Russian Pacific port of Vladivostok.

The figures were provided by Deputy Maritime Governor Sergei Nekayev and were quoted on the official website of the Maritime Development Corporation on Friday. The latter is a government-owned company overseeing the development of the coastal integrated entertainment zone.

Tiger de Crystal, which is majority owned by Hong Kong-listed Summit Ascent Holdings, a company managed by Asian casino investor Lawrence Hoya-Lung, is currently the only casino operating in Primorsky Krai. The property launched officially the following month, starting with a soft launch in October.

The initiative started with 121 hotel rooms, 321 slot machines, 33 mass tables, and 35 VIP tables.

No other casinos will open in the coastal state in 2016, but several new projects are planned in the area.

The Primorsky Krai general entertainment district is expected to generate more than 700 million rupees in annual tax revenue by 2019, Mr. Nekayev said. That figure is expected to reach 2.5 billion rubles by 2022, he said.

The announcement did not clarify whether Mr. Nekayev was referring only to the revenue of the game tax or the total tax revenue.

According to brokerage Union Gaming Securities Asia Ltd, Primary provides casino operators with a highly competitive financial system. Total gaming revenue is not taxed, as Primary authorities charge only 125,000 rupees per game table and 7,500 rupees per slot machine.

However, recent media reports in Russia suggested that federal authorities might consider changing the tax system for the gaming industry nationwide. But in February, Tigred Crystal's management told GGRAcia that the tax increase would be at odds with Russia's policy of encouraging local investment through integrated entertainment zones.

More hotel capacity, more jobs

The state's supply of hotel rooms is expected to reach 1,500 by 2019, Mr Nekayev said, as cited on the state's development website. That number will reach 6,500 by 2022, when all planned developments are completed, officials said.

He added that the state had already created more than 1,000 non-construction jobs and that the total number of those jobs would be more than 9,000 by 2019. In 2022, the Primorsky Integrated Entertainment Zone is expected to employ more than 15,000 people, Nekayev said.

Friday's announcement by the Maritime Development Authority also quoted Roman Scori, deputy head of Russia's Federal Tourism Authority, as saying he appreciated the coastal development strategy.

"We need to work with the government to attract well-known businesses that can build and manage infrastructure efficiently. A good example is casinos," Mr Scori was quoted as saying.

He also highlighted the important role of casino resorts in generating "stable" tax revenues for local governments.

In July 2009, the Russian federal government shut down all casinos and electronic casino gaming venues that existed in Russia at the time. In 2010, four specific casino gaming zones were identified nationwide, one of which was Primorsky Krai, the city of Azov in the Krasnodar region, a Russian settlement in Kaliningrad on the Baltic coast, and Altai in Siberia. In 2014, Russian President Vladimir Putin signed a law allowing the establishment of additional gambling zones in Sochi and Crimea.

Hong Kong-listed casino operator and developer NagaCorp Ltd is one of the Primorsky investors. The company began construction at the casino resort in late may 2015. Naga Corp has previously stated that following the announcement of a Russian investment deal in the fall of 2013, it will provide the resort with 100 game tables, 500 electronic machines and large theater facilities, as well as entertainment services such as karaoke complexes and spas. The property is expected to open in the third quarter of 2018.

Two Russian groups are also investing in casino projects in Primorsky. Royal Time LLC plans to build an integrated resort in the area titled 'Phoenix'. According to a May 2015 statement from Primorsky Development, multi-level development requires at least $215 million in investment. Phoenix's first phase, including a 320-room hotel and casino, will open in late 2017.

Russia-based Diamond Fortune Holdings Ltd aims to develop four casino resorts in Primorsky, with the first set to open in 2018. Diamond Fortune says it will become the largest casino operator in the Primorsky state when all plans, which include a total investment of $914 million, are completed. 온라인 슬롯