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Reviews of Online Gambling Sites Will Gov. Hochul Stop the 72% Slots Tax in NYC?
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Quick Glance at the Facts
- Resorts World Casino became New York City’s first full-scale casino in April.
- The New York State Gaming Commission imposed a 72% tax on revenue from slot games at Resorts World Casino.
- Pro-gambling legislators in NY are urging Gov. Kathy Hochul to step in and lower the tax on slots, calling it “excessively high.”
Resorts World Casino made history as the first full-scale casino in the Big Apple when it opened in April. However, the casino faces a staggering 72% tax on its slot-game revenue. Now, pro-gambling legislators are asking for help from Gov. Kathy Hochul to lower the tax on slots at the NYC casino.
Sen. Addabbo Leads Charge for Lowering Slot Taxes
New York State Sen. Joe Addabbo has led the fight for casinos in the Empire State. Addabbo has a new challenge on his hands: convincing Gov. Hochul to lower the tax on slot game revenue at Resorts World Casino in NYC.
Joining Addabbo in the battle to stop the 72% are:
- Rep. Gregory Meeks
- State Sen. Leroy Comrie
- State Sen. James Sanders
- Assembly member Alicia Hyndman
- Assembly member Stacey Pheffer Amato
- Assembly member Khaleel Anderson
- City Council member Nantasha Williams
- City Council member Ty Hankerson
- City Council member Selvena Brooks-Powers
Resorts World proposed a 56% tax on slot revenue while bidding on its casino license in the Big Apple. However, the state’s Gaming Commission added an additional 16% tax to ensure that the casino covered its required funding for the state’s horse racing industry.
The added 16% raised the total slot tax on the casino to 72%. It would raise the casino’s expected payments by an estimated $150 million over the life of its 15-year contract with the state.
How Is Gov. Hochul Involved?
Sen. Addabbo and others have asked NY Gov. Hochul to step in and prevent the additional 16% tax on slot gaming revenue. While the Governor is not on the New York Gaming Commission, five of its seven members were appointed by Hochul.
How the Slot Tax Compares to Other States
The current 56% tax rate on Resorts World Casino’s slot revenue is already among the highest in the country. For comparison, here are the tax rates for some casinos in neighboring states.
- Ohio = 33% tax rate
- Detroit, Michigan = 19% tax rate
- Atlantic City, New Jersey = 9.25% tax rate
Opponents of the high tax also suggest it could affect the casino’s planned $4 billion expansion of its casino and entertainment operations.
How This Impacts Players
The high slots tax rate does not directly impact players in NYC. However, like many businesses, casinos can pass on high taxes to players through higher prices. Also, if the high tax rate prevents or limits Resorts World Casino’s ability to expand, it will limit New Yorkers’ in-person gambling options.
GamblingNerd Take
Resorts World Casino has already agreed to pay an extremely high 56% tax, losing over half of its slot revenue to the state. Gov. Hochul is focused on combating prediction markets, so the slot tax is probably not high on her to-do list. However, if Resorts World can find another way to ensure funding for its obligations to the horse racing industry, it could avoid the tax hike.
Photo by AP Photo/Yuki Iwamura
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