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Adeleye Awakan December 4, 2020 3 min read
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RWNY Hits $3bn Revenue Mark for Public Schools in New York City
Resorts World Casino New York City (RWNY) has announced on December 1 that its Lottery Education Fund has reached revenue of more than $3 billion over the past 9 years.
Resorts World Casino NYC Remains Biggest Community Investor
During the 2019-2020 fiscal year alone, Resort World Casino New York has generated $348 million to support the NYC education system which is more than any other gaming operator in the city. In the past year, the New York Lottery has generated $3.38 billion in contributions that will go to support the state’s educational system, and focus on lower-income communities.
The funding is based on a formula with the bigger share going to schools that need support the most. Over 700 school districts in the state will receive money from the fund. Some $1.5 billion of the fund has gone to New York City.
“As New York now begins its recovery, we are proud to continue to provide critical support so that kids across the state have access to a higher-quality education and we are ready to step up and elevate that support in both the short- and long-term for the state.” said Genting Americas Fast President Bob DeSalvio, President.
Resorts, A Leader in Entertainment and Gaming in New York
RWNY is among the leading entertainment venues in the state. The casino offers over 6,000 slots and 100 table games. A few weeks ago, RWNY announced that they plan on opening a new hotel in 2021, the Hyatt Regency JFK which will consist of 400 rooms, restaurants, residential suites, conference rooms, and more gaming space.
The cost of development is approximately $400 million and it will generate more revenue for the New York Lottery Education fund as well as provide jobs for 500 New Yorkers.
Ever since opening in 2011, RWNY has worked with many organizations to tackle various community problems across health, culture, and state employment. Last year, Resorts World Casino initiated “Good Neighbor Network” to inspire economic and social growth in New York State.
According to New York State Assemblywoman Stacey Pheffer Amato, Resort World has the most positive impact on schools and recognizes these contributions as an opportunity to create a more responsible action towards embracing gaming in the state.
In the last nine years, thanks to strong operational results, RWNY has been able to provide funding for 12 million laptops for students, 37,500 annual teacher salaries. It has paid the educational costs for 150,000 students for a year and has provided funding for 6,082,725 lunch expenses for students for a year.
Having written for numerous iGaming media outlets including the likes of SiGMA and E-Play Africa, Adeleye has a broad insight into the gambling industry. He follows the African sector closely and has a strong networking relationship with gaming operators across the continent. He now helps to deliver global headlines for our audience at GamblingNews and is also a consultant on gaming licenses in Africa.
Business December 4, 2020
Business December 4, 2020