Genting Malaysia Secures New York Casino License
Huge numbers for New York state’s revenue with 3 new casinos
Just 2 weeks ago, I lost some money in the Crown casino in Melbourne. Sigh… Haha. It’s okay. Win some and lose some, so just let it be. Well, casinos are big business and New York State has just approved 3 new ones. What’s in in for the state of New York? Imagine earning US$1 billion (RM4.13 billion) every year from gaming taxes alone…
Yes, that’s what the New York State would be earning by 2036. New York Gaming Facility Location Board (NYGFB) has announced 3 winners and Genting Malaysia’s subsidiary is one of them. The bid will now move to the New York State Gaming Commission for final consideration, with a decision expected by Dec 31, 2025. Read on for more details on the news below:
Article in themalaysianreserve.com According to the NYGFB’s selection report, approving all three licences would maximise the state’s long-term economic and fiscal benefits.
The board’s consultants estimate that the downstate casino market could reach around US$5.5 billion in gross gaming revenue by 2033. Incremental gaming taxes are projected to reach roughly US$1 billion a year by 2036, contributing an estimated US$7 billion from 2027 to 2036, on top of US$1.5 billion in licensing fees.
The board also noted that awarding fewer than three licences would reduce projected state revenue by between US$1.1 billion and US$3.7 billion over the 2027–2036 period, with a further US$500 million lost in licensing income. Article in themalaysianreserve.com
Casinos are not just casinos yeah…
Casinos bring with it entertainment space. Concerts and shows for example is a staple in any casino as it also brings in people who could then also drop by the casino before or after the shows. It would usually have hotels which will attract many travelers as it’s linked to the casino and the entertainment shows. The Crown casino in Melbourne for example is linked to the shopping centre too. Lots of people all the time, even after the shopping mall closes at 6pm. Yes, 6pm!! Haha.
In other words, casinos are economic multipliers. People traveling to New York may also make visiting a casino one of the itineraries too besides just the usual attractions. When people wins, they will also spend more and the truth is, the casino will win the most. They will employ more people who will then have salaries to spend and it will be back into the state yeah. This is on top of all the gaming taxes which is earned by the state. Good for New York State and good for Genting Malaysia too. Hopefully all will be in order.
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