Key Highlights
- Annual revenue from NYC’s three upcoming casinos is forecast between $4.1 billion and $5.6 billion, according to CBRE
- Gaming operations are projected to account for approximately 70% of total earnings
- The three casino licenses have been awarded to Genting, Bally’s, and Hard Rock International
- Genting’s existing Resorts World New York property positions it ahead of competitors, with live table games potentially launching this year
- Unlike Las Vegas resorts, NYC casinos will depend primarily on gaming revenue instead of hotels and entertainment
According to a recently released financial assessment, New York City’s three authorized casino developments are on track to deliver as much as $5.6 billion in yearly revenue. CBRE Institutional Research published the forecast this week.
The $5.6 billion estimate reflects CBRE’s optimistic outlook. The firm’s moderate projection anticipates $4.7 billion annually, while its conservative scenario still forecasts $4.1 billion per year.
Should these projections materialize, New York City’s casino venues would be positioned among America’s top-performing regional gaming establishments.
CBRE’s analysis indicates that gaming operations will contribute roughly 70% of overall revenue. This means slot machines and table games will be the primary income generators, overshadowing contributions from hotel accommodations, dining venues, and live entertainment.
The research also suggests these facilities will achieve maturity relatively swiftly. The report predicts the properties could hit maximum revenue capacity in approximately three years.
Genting Holds Competitive Edge Over Rivals
New York City has awarded its three gaming licenses to Genting, Bally’s, and Hard Rock International. Each operator will construct and manage its own venue within city limits.
Genting enters the competition with significant advantages. The company currently runs Resorts World New York in Queens, providing it with established brand recognition and operational facilities already in place.
Instead of starting fresh, Genting is committing billions toward transforming its existing facility. The venue benefits from proximity to two subway lines, ensuring convenient public transit access.
According to CBRE’s assessment, Genting may introduce live dealer table games sometime within the current year. This would create a substantial competitive advantage over Bally’s and Hard Rock, both of which remain in preliminary planning phases.
Genting’s timeline calls for completing its full-scale integrated resort transformation by 2031.
A Different Model Than Sin City
Throughout the licensing competition, public officials frequently referenced “Las Vegas-style casinos” when discussing the planned developments. Industry analysts, however, dispute this characterization.
Las Vegas Strip establishments generate substantial income from hotel rooms, restaurants, and headline entertainment productions. Gaming itself accounts for less than one-third of total Strip revenue.
New York’s casino model will flip this equation. Gaming will represent the dominant revenue source, with these properties placing far less emphasis on lodging and performance venues compared to their Nevada counterparts.
Industry observers predict that downstate New York will never mirror the Las Vegas entertainment-focused approach.
This gaming-centric strategy does offer economic benefits. CBRE highlights that casino gaming operations typically deliver superior profit margins compared to food service, hotel operations, and entertainment programming.
The analysis further indicates that table game participation across all three NYC venues is projected to reach among the nation’s highest levels.
CBRE’s development schedule anticipates Genting’s resort reaching completion in 2031, with Bally’s and Hard Rock advancing through their respective construction phases over subsequent years.
