New York City's first comprehensive casino license has officially landed in Queens. Resorts World New York City kicked off the first phase of its $5.5 billion renovation and expansion plan on Tuesday, launching 240 gaming tables and about 2,500 slot machines. This marks the first time live table gaming has been available in the downstate area of New York, as previously, residents had to drive to upstate New York, New Jersey, or Connecticut to experience Class III casino gaming. Robert DeSalvio, President of Resorts World Americas, stated in a release that the availability of live table games means contributing to the state's economy, supporting jobs, and giving back to the people of New York from day one. With the remaining two licenses—Bally's Bronx and Metropolitan Park—being greenfield projects expected to welcome guests by 2030, Resorts World has taken an early lead by utilizing existing vacant spaces, enjoying a years-long head start in the full-scale gaming market of New York City.
Aggressive Bidding: $56 Million Licensing Fee and High Tax Rates
The license for Resorts World was almost certainly secured due to its overwhelming financial strategy throughout the bidding process. The New York Gaming Facility Location Board pointed out that among the three finalists, only Resorts World's revenue projections significantly exceeded the state government advisor's benchmarks. Its stakes kept rising: it directly offered a $600 million licensing fee, a full $100 million above the state government's $500 million threshold; it proposed a slot machine tax rate of up to 56% and a table game tax rate of 30%, while other bidders' similar tax rates were only 25% and 10%; it committed to contributing $2.5 billion in taxes to the Metropolitan Transportation Authority over the next four years, far exceeding the agency's own planned budget of $1.8 billion; it also raised labor and community investments to $2 billion, inflating the total commitment to $7.5 billion.
In stark contrast, MGM Empire City, another existing video lottery terminal facility, made the lowest cautious bid of $2.3 billion. Although it easily obtained approval, MGM ultimately withdrew from the competition due to concerns about the competitive landscape and license duration, objectively clearing the last hurdle for Resorts World's accelerated sprint.
Four-Year Window and Ambitions for America's Second Largest Market
According to a report released by CBRE in March, a mature New York City gaming market is expected to generate annual gaming gross revenues of $4.7 billion to $5.6 billion after 2031, making it the second largest gaming market in the U.S. after Las Vegas. The New York State Gaming Facility Location Board also predicted last year that over a ten-year period ending in 2036, the three major casinos will contribute more than $7 billion in gaming taxes and $5.9 billion in non-gaming taxes.
For the parent company Genting Group, this massive investment means more than just a foothold in New York. Its most expensive casino on the Las Vegas Strip, Resorts World Las Vegas, just faced a $10.5 million regulatory fine last year due to anti-money laundering vulnerabilities and is still in a challenging performance recovery period; Resorts World Sentosa in Singapore was unusually granted only a two-year conditional license renewal in 2024 due to underperformance, forcing Genting to accelerate its $5.3 billion expansion plan. Genting has recently expressed confidence to investors about the next round of license assessments. New York's first-mover advantage will undoubtedly inject critical momentum into this global multi-line turnaround battle.
PASA Official Website continues to track major openings in the North American integrated resort market, along with its layout in Atlantic City's Hard Rock Casino and the Las Vegas Strip itself, Resorts World's large-scale deployment of gaming tables and slot machines is setting the stage for New York City's historic transformation from a huge sports betting and lottery market to a comprehensive offline gaming destination.
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