Key Takeaways
- Industry analysis forecasts NYC’s three casino developments will produce annual revenue ranging from $4.1 billion to $5.6 billion
- Gaming floor activities will account for roughly 70% of total earnings at these properties
- The three license holders are Genting, Bally’s, and Hard Rock International
- Resorts World New York, operated by Genting, enjoys a competitive edge and may launch live table games before 2025 ends
- The Big Apple’s casino model will diverge sharply from Las Vegas, emphasizing gambling over hospitality and shows
An industry analysis released this week suggests that New York City’s three authorized casino developments could deliver annual revenue reaching $5.6 billion. CBRE Institutional Research published the financial forecast outlining multiple revenue scenarios.
The $5.6 billion projection represents CBRE’s optimistic scenario. The firm’s moderate forecast anticipates $4.7 billion in yearly revenue. Under the most conservative scenario, annual earnings would still reach $4.1 billion.
Should these projections prove accurate, New York City’s casino trio would secure positions among America’s top-performing regional gambling destinations.
CBRE’s analysis indicates that gaming operations will contribute approximately 70% of total revenue. This means slot machines and table games will be the primary income drivers, while ancillary offerings like accommodations, dining venues, and live performances play supporting roles.
The research also predicts a rapid maturation timeline. CBRE expects these casino properties to achieve maximum revenue potential in approximately three years following their launches.
The License Holders and Market Positioning
Genting, Bally’s, and Hard Rock International secured the three available New York City casino licenses. Each operator will construct and manage its own facility within city limits.
Genting possesses a significant competitive advantage. The Malaysian conglomerate currently runs Resorts World New York in Queens, providing established brand recognition and operational casino facilities.
Instead of starting fresh, Genting is pouring billions into transforming its existing venue. The Queens location benefits from proximity to two subway stations, ensuring strong accessibility for potential customers.
According to CBRE’s assessment, Genting may introduce live table games sometime in the latter half of this year. This timeline would position the company months ahead of Bally’s and Hard Rock, both of which remain in preliminary development phases.
The complete transformation of Genting’s property into a fully integrated resort is targeted for 2031.
A Different Model Than Sin City
Throughout the licensing competition, government officials frequently referenced “Las Vegas-style casinos” when discussing the upcoming developments. Industry observers say this characterization misses the mark.
Las Vegas Strip establishments generate substantial income from hotel rooms, restaurants, and major entertainment productions. Gaming itself accounts for under one-third of Strip casino revenue.
The New York City properties will flip this model. Gambling will represent the overwhelming majority of income, with these venues operating without the heavy reliance on lodging and spectacle that defines Vegas.
Industry experts believe downstate New York will never replicate the Las Vegas entertainment-resort paradigm.
This gambling-centric strategy does offer financial benefits. CBRE points out that gaming operations typically yield superior profit margins compared to food service, hotel operations, and entertainment programming.
The analysis also projects that table game participation at New York City’s three casinos will reach some of the highest levels nationwide.
CBRE’s development timeline shows Genting completing its integrated resort by 2031, while Bally’s and Hard Rock will proceed with their respective construction schedules over the next several years.
