Genting Pledges $1 Billion in Taxes to Win N.Y. Casino License [BNN Bloomberg (Canada)]
GENTING BERHAD SPONS ADR (GEBHY)
NASDAQ:AMEX Investor Relations:
genting.com
Company Research
Source: BNN Bloomberg
Genting Malaysia Bhd, which operates the resort in Queens, is seeking one of the three new casino licenses officials are considering for the New York City area. The property paid more than $600 million in taxes last year, according to a spokesman for the casino giant. Genting is pledging to continue paying the state about 67% of its slot machine revenue in taxes, an amount that includes administrative fees and other expenses. The share paid for table games like blackjack would be lower, but enough to get the overall annual tax contributions over the $1 billion mark. The executive director of New York's Gaming Commission told the board last month that environmental and other local approvals may delay the awarding of the licenses into late 2025. Many casino operators expected a decision this year, and some think the legislature can accelerate the process. Potential bidders include Las Vegas Sands Corp., Wynn Resorts Ltd. and financier Steve Cohen, who has partnered with Hard Rock
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