Aqueduct Racino in Queens Leads Nation in Slot Revenue
The Aqueduct racino, operated by the Malaysia-based casino developer Genting, has become the country's greatest generator of revenue from slot machines with $57.5 million in May, according to a report issued Monday by racino-operator Resorts World New York.
While the racino netted its highest grossing revenues in March at $59 million, revenues declined the following two months. In May, the racino finally outpaced its Connecticut-based competitors.
Of the racino's May revenues, more than $40 million—about 70 percent of the total revenue—went toward the horse racing industry and state operations, including $25 million to fund education. According to Resorts World, those amounts exceeded what other states collected from gambling interests.
The 41 casinos on the Las Vegas Strip paid about $30 million to Nevada in April, and the 12 casinos in Atlantic City contributed $18.3 million to New Jersey in the same month, Resorts World reported.
“Resorts World’s model has maximized gaming revenue for New York State in a manner that has not been replicated by any other facility in the nation,” Michael Speller, president of Resorts World, told the New York Daily News.
Gaming experts attribute Resorts World’s quick rise to the top in the eight months since its October opening to its prime location within the massive New York City market.
“New York City gamblers have long filled their gambling desires in Atlantic City and Connecticut,” Joseph Weinert, senior vice president of the Spectrum Gaming Group, a consulting firm, told the Daily News. “Now they have someplace right in their backyard, and they are going there in droves,” Weinert added.
The racino currently offers slot machines and electronic table games. But that could change if Gov. Andrew Cuomo and other state lawmakers are successful in pushing for the legalization of statewide casino gaming.
Plans with Genting for a convention center and casino at Aqueduct were scrapped, Gov. Cuomo announced on June 1. But he has extended the opportunity for other companies to submit offers to build such a facility in the New York City area.
The racino at the Aqueduct race track in Jamaica, Queens, New York is controlled by Genting, the Malaysia-based multinational corporation and worldwide leader in casino development. The company holds a 50 percent stake in the Miami-based Norwegian Cruise Line and is a partner with Universal Studios on the Universal Studios Singapore theme park in Sentosa, Singapore, among other enterprises.