Monday, September 29, 2014

What Resorts World must resort to

From Crains:

The jackpot at Resorts World Casino is a little leaner these days—though not for gamblers.

The 36-month-old racino at Aqueduct Raceway in Queens has enjoyed a run of record-breaking revenue and double-digit annual growth. But during the past year, its growth has slowed, just as its owner, Malaysia-based Genting Americas, is hoping to be approved by the state for a $1.5 billion luxury resort and casino in Tuxedo.

Resorts World's revenue this fiscal year, which ends March 31, 2015, will increase by "high single digits," compared with a 14% growth rate in the previous fiscal year, said Christian Goode, senior vice president of development for Genting Americas. Last fiscal year, it generated $792 million in revenue, of which $618.2 million went to paying fees and to Albany in the form of gambling taxes.

"Double-digit growth is simply not sustainable, but whether we get [a casino upstate], our efforts are full steam ahead in Queens," he added. "There is more we can do there."

Resorts World has not been as successful tapping into the robust tourism industry in the Big Apple as it would have liked. The vast majority of its customers are locals from Brooklyn, Queens and Long Island. To attract more visitors, Mr. Goode is considering developing a hotel near John F. Kennedy International Airport—one that would offer better amenities than the existing budget airport properties—and help the casino capture international travelers, who would be shuttled directly to Aqueduct.


Anonymous said...

What an insane proposal! Who in their right mind would want to (be imprisoned) stay at a hotel near JFK just to gamble?

Anonymous said...

Who would stay? Someone who enjoys gambling, perhaps a person whose flight was canceled now staying near JFK overnight who might like to step outside for the evening into somewhere else besides the Conduit or a hotel bar,or maybe out of town folks visiting people in the local area.

Joe Moretti said...

First off, it is not in such a great area and if the leaders of the entire Jamaica area did not let that area rot for decades, many people could stay in Jamaica and then be shuttled to the Casino.

But bottom line Resorts Casino is not a gambling tourist destination, that is what Las Vegas or Atlantic City is for.

This casino was always geared toward locals. No one outside of New York, who gambles says, "Yeah, let's go to New York city to gamble at the Resorts Casino in the Jamaica area."

Why this is even a topic for discussion tells you how clueless our leaders are.

Anonymous said...

Everybody is clamoring to go to the Racino food court and grab a bucket of Popeye's Chicken. Or maybe grab a slice or a pastrami at the deli.

Oh what delicacies!

Hedley Lamarr said...

This is the bill that will convert the state hospital for the insane into the William J. Le Petomane memorial gambling casino for the insane

Anonymous said...

Resorts World is only is "Jamaica" because it has a zip code that starts with 114; it is in Ozone Park. It's in "Jamaica" about as much as Breezy Point is in Far Rockaway since both have zips that start with 116. A hotel is a far better idea that a soccer stadium.