Bloomberg News

Genting Sees $800 Million in 2012 Revenue From Aqueduct Slots

November 01, 2011

Oct. 28 (Bloomberg) -- Genting Malaysia Bhd., the gambling company opening a casino today at New York’s Aqueduct racetrack, expects the project to generate $800 million in revenue next year, property President Michael Speller said.

The Queens facility, Resorts World Casino New York, will generate more than $500 million in tax revenue for the state, Speller said in an interview.

The casino is New York City’s first, and Genting’s first gambling facility in the U.S. The 190,000-square-foot floor has 205 electronic table games and 2,280 video lottery terminals, Speller said. He said he expects Aqueduct to attract some customers who would otherwise go to Connecticut, Pennsylvania or New Jersey.

“We are very focused on delivering a showcase property,” Speller said in a phone interview prior to the opening. “We have estimates of about $5 billion in gaming revenue leaving the New York state, going out to the three other states every year. We think we’ll recapture a good portion of that.”

Genting Malaysia, controlled by Genting Bhd, won approval to redevelop Aqueduct in September 2010, and broke ground the next month. The company is investing $830 million and has spent “almost everything” on the property, Speller said.

Speller is looking to state legislators to expand commercial gambling after 2012 elections.

“We are very supportive of enhancing the existing gaming in the state with the addition of table games,” Speller said.

--Editors: Anthony Palazzo, James Callan

To contact the reporter on this story: Ksenia Galouchko in New York at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net


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