Tens of millions of dollars in revenue from Resorts World Casino at Aqueduct slated for state education will instead be invested in capital spending to expand the site, according to an agreement in the 2016-17 state budget approved last week.
Assemblyman Gary Pretlow, a Democrat from Mount Vernon, estimated the award to be $40 million a year going to Genting New York LLC., which operates Resorts World.
“That would be money that should be going to education and not to Genting, which is one of the richest companies in the world, a multi-billion dollar corporation,” he told POLITICO New York. “They don’t need to take money from children of New York to build a hotel or for any other reason.”
But state and Resorts World officials insisted that in the end, the investment will result in twice the amount of money being used for the casino's growth.
“Now that we are eligible to participate in the State's capital allowance program, we will be able to embark upon a considerable expansion of our facility, which will be developed in consultation with our local community partners,” Genting senior vice president of public affairs Michael Levoff said in an emailed statement. “This investment will lead to increased visitation, more good-paying local jobs and a significant increase in overall revenue for New York's education fund.”