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Aqueduct slots top Sun's revenues

By Brian Hallenbeck

Publication: The Day

Published 06/19/2012 12:00 AM
Updated 06/18/2012 11:42 PM
NYC's Resort World becomes top-earner in U.S. for first time

Resorts World, the 8-month-old slots parlor at Aqueduct racetrack in New York City, has become the highest-grossing slots venue in the United States, the Queens destination announced Monday, citing figures for May.

Formally known as Resorts World Casino New York City, the facility posted gross gaming revenues, or "win," of $57.5 million last month, besting second-place Mohegan Sun's $55.4 million. Win is the amount of slots wagers a casino keeps after paying out prizes.

More than $40 million, or 70 percent, of Resorts World's gaming revenues last month went to education, the horse racing industry and other state entities, according to Resorts World. More than $25 million went into a state education fund.

The slots parlor, which is owned by the Genting Group, "has surpassed the Las Vegas Strip, Pennsylvania, Atlantic City, Connecticut and all other locales to become the single largest gross slot gaming revenue and tax-generating gaming property in all the United States," Resorts World said.

Mohegan Sun and Foxwoods Resort Casino, which posted a May slots win of $50.4 million, comprise the Connecticut slots market. Jeffrey Hartmann, Mohegan Sun's president and chief executive officer, acknowledged last week that Mohegan Sun has lost some business involving New York-based Asian clientele to Resorts World.

The Connecticut casinos' May slots win was down more than 9 percent over the same month in 2011.

"Resorts World's model has maximized gaming revenue for New York State in a manner that has not been replicated by any other facility in the nation," Michael Speller, Resorts World's president, said in a press release.

Speller served as president of Foxwoods from December 2008 to June 2010.

Resorts World said the 41 Las Vegas Strip casinos - which face a tax rate of about 6.75 percent - contributed about $30 million to Nevada in April, the last month for which figures have been reported. Atlantic City's 12 casinos paid $18.3 million to New Jersey in May, while Mohegan Sun and Foxwoods generated $28 million for Connecticut last month.

Lawmakers in New York are considering a referendum to permit table games.

b.hallenbeck@theday.com

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