Resorts World NYC’s first-phase launch kicks off New York’s casino openings

(AsiaGameHub) –   Nearly five months after New York regulators granted three highly contested downstate casino licenses, Resorts World NYC became the first recipient to launch full-scale casino operations with the debut of the first phase of its $5.5 billion renovation and expansion project on Tuesday.

This former racino, now a casino, introduced 240 table games—an unprecedented milestone for downstate New York—alongside roughly 2,500 slot machines. Before this, NYC residents had to travel upstate or cross state lines to New Jersey or Connecticut to visit a Class III casino, but now they can access one directly in Queens.

“Live table gaming is officially open in New York City for the first time ever and on day one we are contributing to the state’s economy, supporting jobs and giving back to New Yorkers,” Robert DeSalvio, president of Genting Americas East, said in a statement. “With our planned $5.5 billion expansion, this is only the beginning of something much bigger for Resorts World and for New York.”

Resorts World is set to gain a major first-mover edge in the downstate area. The other two license holders—Bally’s Bronx and Metropolitan Park—are both new greenfield projects scheduled to open in 2030. By using existing, unused space, Resorts World was able to launch its first phase earlier than planned; the initial target was June.

Construction will proceed in phases until 2031, and if its final target of 800 table games and 6,000 slot machines is achieved, it will boast the highest numbers of these in the United States. In its December license recommendation, New York’s Gaming Facility Location Board (GFLB) noted that Resorts World’s initial proposal included around 4,600 slots and 530 tables.

Resorts World: The Most Ambitious NYC Bidder

For most applicants, the downstate casino licensing process was a turbulent journey, but Resorts World was likely the top contender. Its substantial tax contributions as an existing video lottery terminal (VLT) facility and its aggressive approach to outbidding competitors made it nearly unthinkable for the project to be overlooked for a license.

However, its eagerness might have been excessive considering how the process played out—only three applicants were left vying for three available licenses. The GFLB stated that among the three finalists, only Resorts World’s forecasts “significantly exceeded” the figures provided by the state’s consultants. Resorts World incrementally enhanced its proposal in multiple ways, such as:

• Proposing a $600 million license fee—$100 million above the state’s minimum requirement of $500 million
• Suggesting tax rates of 56% for slots and 30% for table games, in contrast to the 25% and 10% rates proposed by the other winners
• Forecasting $2.5 billion in tax revenue for the MTA over the next four years—surpassing the agency’s $1.8 billion budget
• Raising its workforce and community investment commitments to $2 billion, pushing the total project cost to $7.5 billion

The bid most similar to Resorts World’s came from MGM Empire City in Yonkers, another existing VLT facility that was seen as a strong candidate. Unlike Resorts World, though, MGM took a conservative approach with its $2.3 billion bid—the lowest among all applicants. While Empire City had no trouble getting approvals, MGM eventually pulled out of the running, citing worries about competition and license duration, which let Resorts World take the lead.

A Major Opportunity at the Perfect Moment

The launch of Resorts World NYC’s first phase is a key milestone for parent company Genting, as it seeks to start capitalizing on what could be the largest casino expansion opportunity in decades.

CBRE’s March report projected that a fully developed NYC casino market will generate between $4.7 billion and $5.6 billion in annual gross gaming revenue after 2031. This would make it the second-highest-performing casino market in the U.S., trailing only Las Vegas. Last year, the GFLB estimated that over the 10-year period ending in 2036, the casinos could generate more than $7 billion in gaming tax revenue and $5.9 billion from non-gaming sources.

Having a possible four-year lead in NYC could support Genting’s turnaround initiatives in both Las Vegas and Singapore. Resorts World Las Vegas is bouncing back from a $10.5 million anti-money laundering fine imposed last year—the second-largest regulatory penalty in Nevada’s history. The struggling Strip casino, which is the most costly ever built in the market, has since established a property-level board of directors to aid in compliance and operational performance.

In Singapore, Resorts World Sentosa received a conditional two-year license renewal in 2024; regulators held back the usual three-year renewal due to the property’s underperformance. In reaction, Genting has sped up a $5.3 billion expansion of the site, and the company informed investors earlier this month that it is “well-positioned for the next assessment cycle.”