Jackpot! Queens casino thrives as Atlantic City struggles to stay afloat

There is no Roman facade. There are no Venetian gondolas. Nor do they have a volcano out front.

Yet, inside of an architecturally simple structure in Queens is the most explosive casino in all of North America, Resorts World Casino.
Jackpot
“From a slot operation standpoint it’s phenomenal. This is the highest grossing slot operation in really the entire world, not just North America,” said Ed Farrell, president of the casino operation.

Six months after opening in the fall of 2011, with very little fanfare, Resorts World Casino became the most productive slot operation in the nation. Its strategy was simple. To target the culturally diverse neighborhoods around it according to Farrell. “It really caters a lot to the locals. Most of our business is from Queens and Long Island, and Brooklyn and close to here, but being so close to JFK we also do get a little bit of business from those people that are coming in from out of town.”

While the property does have Las Vegas and Atlantic City amenities from fine dining to the glass works of Dale Chihuly, it has also an abundant amount of the color red around the baccarat section. The reason? They are targeting a particulate gaming demographic through culture. “Asians consider red a good luck color, so we’re going to have that in our design,” said Farrell.

Connected to Aquaduct Racetrack the property operates under Video Lottery Rules produced by the state. This means that all the gambling is electronic. There are no table games. Additionally, the state produced arguably the highest tax rate of any business in New York.

“We only keep 22-cents, so effectively 78% of the money goes back to the state,” said Farrell.

In Nevada, casinos pay approximately 6%.

Which means that state is the one who is perhaps collecting the biggest jackpot in the end. According to casino officials, they have paid nearly $1.4-billion dollars in taxes since the property’s opening.

Even more impressive, this all comes at a time when revenue is down at top tier casinos in such gaming destinations as Atlantic City, Las Vegas, and the Asian gaming Mecca of Macau.

$1 million jackpot

A 69-year-old Gardnerville man has won a $1 million slot jackpot at a Carson City casino.
$1 million jackpot<

Bill Paxson says he thought something was wrong with the game when the lights started flashing Wednesday night on the Wheel of Fortune slot machine at Casino Fandango.

He says somebody had to tell him that he'd won $1,037,644.93. He told The (Gardnerville) Record-Courier there was one word to describe it: "disbelief."

Paxson says he only bet $20 before he hit the progressive jackpot. He says his immediate plans are to pay off the mortgage on his house.

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Casinos hit jackpot

casinos hit jackpot
The closure of an Indian Casino in October may have contributed to a 52.75 percent jump in gaming revenue in Stateline.

According to the Nevada Gaming Control Board, even with one casino closed, Stateline properties raked in $18.7 million in revenues during the month, the highest total in the last six years.

That’s a more than $6 million jump over the same month last year in 2013.

The jump put Stateline, which is the main source of gaming revenue for Douglas County, in the black by 8.8 percent so far this fiscal year.

Stateline brought in only $12.29 million in October 2013, which was a big drop from its typical shoulder season. During 2012, Stateline casinos brought in $15.8 million, and $15.7 million during October 2011. That $15 million figure for shoulder season was pretty typical for prior years as well, with 2010 at $15.1 million and 2009 at $15.8 million. The casinos haven’t been as prosperous since they brought in $20.89 million in 2008.

The casino win in the East Fork Township and Carson City, which is tallied together, was slightly more than $8 million in October. That figure has been essentially flat since 2010, when it was $8.7 million.

The Chukchansi Gold Resort & Casino was closed by a court order Oct. 9 after a takeover attempt.

MELBOURNE’S biggest ratepayer has won a fight to have its property value lowered so it can save almost $320,000 on its rates bill.
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Crown Casino took Melbourne City Council to a tribunal, saying its property was valued almost $240 million too high.

CROWN TO ADD 5-STAR HOTEL TO SOUTHBANK COMPLEX

The city lost the fight at the Victorian Civil and Administrative Tribunal — and nearly $640,000 in the process.

Despite the council lowering its assessment by $112 million, Member Justine Jacono ordered it to reset the valuation to $1.99 billion rather than the original $2.2 billion.

City of Melbourne spokesman Sam Bishop said Crown was one of 1583 objections that the council received this year.

“It is important to note that 78 per cent of these, or 1235 assessments, relate to 63 properties where building owners or managers have objected to valuations of the building, on behalf of their tenants,” Mr Bishop said.

“As part of the budget process, we make provisions for adjustments to valuation as a result of objections.”

He said all ratepayers had the right to object.

Melbourne City councillor Stephen Mayne said big corporations too often challenged their municipal rates.

“Too many big property companies like Crown and Westfield challenge their council rates as a matter of course in the desire to push the overall rate burden on to others with a lower capacity to pay,” Mr Mayne said.

Meanwhile, Crown has announced plans to build a fourth five-star hotel — standing taller than the Eureka Tower — in Queensbridge St, Southbank, in conjunction with the Schiavello Group.

The development is yet to be signed off by the planning minister.