SectorWire
SearchGet the daily briefing
Menu

Resorts World New York disputes $150 million annual racing payments

Regulation

Resorts World New York City is disputing a New York Gaming Commission demand for at least $150 million a year in payments to support horse racing. The casino says it understood the payments would be covered by taxes it already pays, while the regulator seeks them in addition. Resorts World is lobbying for legislation to route the payments through the state's Commercial Gaming Revenue Fund before the legislative session ends on 10 June.

The dispute could affect the casino's annual costs and the funding route for New York horse racing.

Connections

Request a correction

Keep reading

Deals & M&A

Fitch downgrades Genting Berhad to BBB- as casino spending weighs

Fitch Ratings lowered Genting Berhad’s long-term issuer default rating to BBB- from BBB, with a stable outlook, citing casino expansion spending in New York and Singapore and a slower earnings ramp-up in New York. Fitch expects average annual capital expenditure of MYR9.2 billion between 2026 and 2028, while net leverage is forecast to remain above 4.0 times for the next three years.

Continue reading