Genting Readies to Launch $830 Million Casino in Queens, New York
Genting New York, a subsidiary of the largest gambling company in England and Southeast Asia, is set to open its new $830 million gaming facility at the Aqueduct Racetrack in Queens, New York, on October 28, its operator, Resorts World New York City, announced Friday, reported The Business Times.
Genting paid the state a $380 million upfront licensing fee on September 24, 2010, for the right to install 4,525 video slot machines at the 700,000-square-foot Aqueduct Racetrack, which it would like to turn into a full-fledged casino, The New York Times reported. Meanwhile, the New York Gaming Association is expected to begin advocating for a constitutional amendment later this year.
To start, the racino, designed to offer the same glitz and opulence of a Las Vegas-style resort, will feature almost 2,500 video lottery terminals and electronic gaming tables, along with upscale restaurants and live entertainment, reported the New York Daily News.
"This project has created more than 1,350 jobs, and together we've built a truly state-of-the-art entertainment facility for the borough of Queens and beyond," said Michael Speller, president of Resorts World, to New York Daily News.
Currently, three Indian nations—the Oneida, Seneca, and St. Regis Mohawk Tribe—own and operate five casinos in the central and northern part of New York State. Slot machines now operate at eight race tracks, and Resort Worlds New York City will increase that count to nine. Resort Worlds New York City is expected to generate as much as $800 million a year in gaming revenue and in excess of $300 million a year in tax revenue for the state of New York, reported The Business Times.
Speller told The Business Times the new racino will target mid-level and VIP customers, most of whom travel for gaming to the neighboring states of Pennsylvania, Connecticut, and New Jersey, as well as the 50 million passengers that fly into the nearby John F. Kennedy International Airport each year.
Resort World will roll out three casino areas at the Aqueduct Racetrack in Queens. Its Times Square casino, the main gaming floor, will open its doors by October 31, followed by the Central Park and Fifth Avenue casinos in mid-December, aptly timed to capture the Christmas and New Year crowds, Speller said.