Dems push Hochul to block staggering 72% tax rate slapped on NYC's first full casino

Key Points:

• Queens Democrats are urging Gov. Kathy Hochul to block a plan that would effectively tax Resorts World New York City casino at 72% on slot revenues, combining a 56% slot tax with a 16% mandated payment to support horse racing.
• Local lawmakers argue the 72% combined rate is excessively high compared to other states, threatening billions in private investment, thousands of jobs, and local economic benefits tied to Resorts World's $4 billion expansion plans.
• The New York State Gaming Commission, with five Hochul appointees, maintains that the 56% slot tax is separate from the horse racing support payments, which are not considered taxes and can be paid from any revenue source.
• Lawmakers demand the state honor the 56% tax rate initially proposed by Resorts World and continue supporting the racing industry as required by law, emphasizing accountability on both sides of the agreement.
• Gov. Hochul’s office confirmed that tax rates have never included racing support payments and emphasized the state’s goal to balance tax revenue generation, racing industry support, and economic development benefits.