Key Takeaways
- A fresh CBRE Institutional Research analysis estimates NYC’s three casino licenses will produce annual revenues ranging from $4.1 billion to $5.6 billion
- Gaming floor operations are projected to account for approximately 70% of total earnings
- 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 introduce live table games before the year ends
- Unlike Las Vegas resorts, NYC gambling venues will depend primarily on gaming rather than hospitality and entertainment offerings
The Big Apple is preparing for a significant transformation in its gambling landscape. Fresh financial analysis from CBRE Institutional Research reveals the economic potential behind the city’s three recently approved casino licenses.
According to CBRE’s findings, these three gambling establishments could produce up to $5.6 billion in yearly revenue under optimal conditions. This represents the high-end projection in their report.
The firm’s baseline forecast suggests annual revenue of $4.7 billion. Even under conservative assumptions, CBRE anticipates revenue won’t drop below $4.1 billion each year.
Should these projections prove accurate, New York City’s three facilities would join the ranks of America’s most profitable regional gambling destinations.
The analysis indicates that gaming operations will contribute approximately 70% of total revenue. This means slot machines and table games—not hotel rooms or dining establishments—will serve as the primary profit centers.
CBRE anticipates a rapid growth trajectory for these properties. According to their research, the venues could achieve maximum revenue capacity in as little as three years.
This accelerated timeline stems partly from established market competition. The presence of Empire City Casino in nearby Yonkers demonstrates existing consumer appetite for gambling in the metropolitan area.
Three License Winners, One Front-Runner
Genting, Bally’s, and Hard Rock International have secured New York City’s three casino licenses.
Genting enters the race with substantial momentum. The company currently operates Resorts World New York in Queens.
This existing presence eliminates the need for ground-up construction. Rather than starting fresh, Genting is pouring billions into enhancing and enlarging its current facility.
Resorts World New York benefits from a prime location in a high-traffic area with proximity to two subway stations. The property already maintains an established patron base and operational gaming infrastructure.
According to CBRE’s assessment, Genting may launch live table games sometime in the coming months. This would establish a significant advantage over Bally’s and Hard Rock, which remain in preliminary development phases.
The comprehensive transformation of Resorts World into a full-scale integrated resort is projected to finish by 2031.
A Different Model Than the Vegas Strip
While politicians frequently referenced “Las Vegas-style casinos” throughout the licensing competition, industry specialists indicate these upcoming facilities will function quite differently from Nevada’s famous resort corridor.
On the Las Vegas Strip, gaming contributes less than one-third of overall property income. Hotels, dining venues, and entertainment shows generate the majority of earnings.
New York’s casino landscape will flip this formula. Gaming activities will command the revenue breakdown, and industry observers don’t expect this to shift.
Experts maintain that Downstate New York will never truly mirror the traditional Las Vegas approach. The fundamental business models are incompatible.
Since gaming operations deliver higher profit margins than lodging or food service, the New York establishments should see exceptionally strong financial performance.
CBRE’s analysis also highlighted that table game participation across all three New York venues is projected to achieve some of the nation’s highest rates.
