Resorts World Continues Its Hot Streak: Outpaces Connecticut Casinos In Feb. Revenue

Queens Gazette

Resorts World Casino New York City continued to beat out neighboring casinos, as Connecticut’s two casinos reported double-digit declines in gaming revenue while Resorts World Casino continued to improve at record pace. For February, slot revenues for the two casinos fell 21% to $83.9m compared to last year’s numbers. Specifically, Mohegan Sun fell 18.6% to $45.4 million in revenue and Foxwoods Casino fell 24% to $38.5 million in revenue. This is in contrast to Resorts World Casino, which reported $57.1 million in slot revenues, an increase of 6.1% over last year.

In the first two months of 2013, Resorts World Casino New York City has seen an 11% increase gaming revenue increase, compared with a 21% decline for the two Connecticut casinos.

In terms of taxes raised for the State, Resorts World Casino New York City generated roughly $39 million for the State’s education fund and horse racing industry, among other State entities, in February. This is almost double the $21 million paid by the two Connecticut casinos and 50% more than the $26.2 million collected by New Jersey for the all of the Atlantic City casinos.

“New York State’s gaming model has continued to maximize revenue for the State in a manner that has not been replicated by any other facility in the nation,” said Michael Speller, President of Resorts World Casino New York City. “We are proud of this successful partnership between the State and Resorts World Casino New York City and look forward to being part of any future gaming initiatives in the State.”

As a whole, the nine members of the New York Gaming Association paid $68.6 million to the State Education Fund in February which is more than all the casino taxes paid by the State of Connecticut, New Jersey and Nevada, an astonishing fact given New York casinos are disadvantaged by the lack of table games.

Since the opening of Resorts World Casino New York City, Atlantic City, Connecticut and Pennsylvania have seen their gaming revenues decline at record rates, further eroding their market share. The New York City facility is bucking the declining trend in region and solidifying its reign as the single largest gross slot gaming revenue and tax-generating gaming property in all the United States.