The state of New York is one of the rapidly developing ones when it comes to its gambling offerings and the way it manages its gaming industry. Resort World New York City which has been in operation since 2011 has witnessed the recent development of the field and according to the latest announcement coming from the casino developer it is going to continue allocating a considerable part of its revenue generated to state public schools.
Resorts World New York was among the first Vegas-style gambling venue which launched for operation in the region of Jamaica, Queens, New York bringing innovation to the region and promising to attract more people to the location, thus elevating the gambling revenue and increasing the economic boost. Even though there have been some concerns regarding oversaturation of the market and the potential cannibalization of the field, the developer has been confident that they could continue operation in the field.
Throughout the 2017-2018 school year which commences in August and finishes in May, the casino operator has worked hard to generate more revenue. Guests of the integrated resort succeeded in pouring more than $248 million in revenue which is a considerable amount of money in the long run. The operator has therefore decided to allocate the said amount of money to the New York State’s Lottery education fund which has the potential to introduce better conditions to the community.
Ever since it first started operation back in 2011, the developer has invested more than $2 billion in the development of public schools sprinkled across New York, aiming to bring better educational conditions to the children going there, therefore boosting the future generation. With these actions Resort World New York City managed to become the company that is the largest taxpayer on a state level. As much as 70 percent of its total revenue amassed through operations is later on contributed to the community.
State Sees Development Boost thorough Casino Revenue
In addition to that, the horse racing industry also bags a considerable amount of cash from the casino operator. More than 44 percent of that is allocated to the aforementioned education fund, which makes up for a well-rounded investment package regularly sent to the said organization.
The casino developer which oversees operation at Resorts World Casino continues generating money to be allocated and there is a strict plan which has to be followed once the amount is amassed. Since August 2017 the company has generated enough to complete one of its previously appointed tasks which were ranging from the hiring of thousands of new teachers across the state to the purchase of hundreds of thousands of iPads which could be utilized in the education process at public schools.
Now the developer would have to choose which task has a bigger potential to propel forward the field and bring more in the long run. In addition to the educational support it provides, the casino operator has also donated some $1.7 million to a wide variety of local charity organizations. The casino developer is known for building the first legal casino venue in New York City and one of the three operational facilities in the region.
It launched operation following multiple hiccups, as it was proposed in 2000 and opened for business in 2011. Prior to the beginning of operation, the developer stated that it is aiming to provide as many as 800 people with permanent jobs, whereas 1,200 of them will receive construction ones.