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Resorts World NYC’s revenue surpasses $3 billion for state’s public schools

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At a time that the city and state budget are stretched thin due to the COVID-19 pandemic, and the lack of a federal bailout, Resorts World Casino New York City is proving to be much more than an economic engine for southeast Queens, but a boon to New York’s public schools.

The state’s largest taxpayer’s parent company announced Tuesday that it has generated more than $3 billion for New York’s Lottery educational fund since opening in 2011 in South Ozone Park.

“Since opening its doors nine years ago, Resorts World has fulfilled its commitment to be an economic driver, a good community partner, a leader in generating significant and much-needed resources to New York’s public schools,” Genting Americas East President Bob De Salvio said. “As New York begins its recovery, we are proud to continue to provide critical support so that kids across the state have access to a higher-quality education, and we are ready to step up and elevate that support in both the short- and long-term for the state.

The New York Lottery continues to be North America’s largest and most profitable lottery, contributing $3.38 billion in fiscal year 2019-2020 to help support education in the state, of which RWNY generated $348 million, a greater share than any of the other video gaming operators in New York. The city received $1.5 billion from the overall fund in 2019-2020.

The revenue is used to support education across more than 700 school districts across New York State, distributed through a statutory formula that provides larger shares of funding to lower-income school districts.

“I congratulate Resorts World Casino New York City on reaching $3 billion in revenue generated for New York’s education fund,” Congressman Gregory Meeks said. “Since their opening, RWNY has always been a valued community partner, and I’m glad to see that its success is also an investment in our schools. There is no question that these funds will help prepare students for the future with the education and tools they’ll need to compete for the jobs of tomorrow.”

Passing the $3 billion mark generated for the education fund comes just weeks after RWNY announced plans for a new hotel on the property, the Hyatt Regency JFK at Resorts World New York, an eight-story, 400-room, four-star hotel scheduled to open early next year. It will feature residential-inspired guest rooms and premium suites with state-of-the-art in-room technology.

The hotel will also include restaurants, an array of conference and meeting spaces, retail options and additional gaming areas. RWNYC is the only casino in New York City, offering more than 6,000 slots and electronic table games to millions of guests annually.

“Over the last nine years Resorts World NYC has proven to be a fantastic community partner for not only South Ozone Park, but for New York state, and this incredible milestone is proof of that,” said state Senator Joseph Addabbo, chair of the Senate Committee on Racing, Gaming and Wagering. “The $3 billion Resorts World NYC has generated for New York’s Lottery education fund has been used to improve the lives of countless students and teachers across the state. I am extremely proud to have Resorts World NYC in my district and hometown, and I look forward to continuing to partner with them going forward.”

The $400 million hotel development will bring the total investment of RWNY to more than $1.1 billion since opening after Genting spent more than $700 million to enhance the existing Aqueduct grandstand to become a leading entertainment destination. The hotel is estimated to create more than 500 well-paying careers for New Yorkers and provide additional revenue for New York State’s Lottery education fund.

“Resorts World has been a model community partner in numerous ways, always reaching out and working with the community in good times and bad. Whether that’s hosting job fairs, monthly meetings with the community, serving as an Early Voting site, or offering hundreds of well-paying jobs to the hard-working men and women of south Queens,” Assemblywoman Stacey Pheffer Amato said. “The positive financial boost RWNY provides to our schools and students may be the most impactful. The partnership exemplifies the positive economic contributions the gaming industry has had on our state and should inspire us to take more action to create smart and responsible opportunities to embrace gaming in our state.”

 

Link to article:

https://qns.com/2020/12/resorts-world-nycs-revenue-surpasses-3-billion-for-states-public-schools/

 

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