Key Takeaways
- Financial analysis from CBRE Institutional Research estimates three NYC casino licenses will produce annual revenues ranging from $4.1 billion to $5.6 billion
- Gaming floor operations are forecasted to account for approximately 70% of total revenue streams
- The three license holders are Genting, Bally’s, and Hard Rock International
- Genting’s existing Resorts World New York facility provides a competitive edge, with potential live table game launches this year
- Unlike Las Vegas properties, NYC casinos will generate most income from gambling rather than hospitality and entertainment offerings
New York City’s gambling landscape is poised for significant transformation. Recent financial analysis from CBRE Institutional Research provides insight into the potential economic impact of three recently awarded casino licenses.
According to CBRE’s projections, the trio of casino properties could deliver up to $5.6 billion in yearly revenue. This figure represents the optimistic scenario in their financial modeling.
The consulting firm’s baseline forecast estimates $4.7 billion in annual returns. Their conservative scenario still anticipates $4.1 billion per year.
Should these projections prove accurate, New York City’s casino venues would establish themselves among the country’s top-performing regional gambling destinations.
The analysis indicates that gaming operations will comprise roughly 70% of overall revenues. This means slot machines and table games—not hotel accommodations or dining establishments—will drive profitability.
CBRE anticipates these facilities will scale up operations rapidly. The research suggests venues could achieve maximum revenue capacity in just three years’ time.
This accelerated growth trajectory stems partially from established competition nearby. Empire City Casino’s presence in Yonkers demonstrates existing market appetite for gambling in the metropolitan area.
License Winners and Market Position
The New York City casino licenses were awarded to three gambling operators: Genting, Bally’s, and Hard Rock International.
Genting enters this market with a substantial advantage. The Malaysian conglomerate currently operates Resorts World New York in Queens.
This existing presence eliminates the need for ground-up construction. Rather than starting fresh, Genting is committing billions toward renovating and expanding its current property.
Resorts World New York benefits from prime positioning in a high-traffic area with proximity to two subway stations. The venue already maintains an established patron base and functioning casino operations.
CBRE analysts predict Genting may introduce live dealer table games sometime in the coming months. This would position the company ahead of both Bally’s and Hard Rock, which remain in preliminary development phases.
The complete transformation of Resorts World into a comprehensive integrated resort destination is targeted for 2031.
Business Model Differs Dramatically From Vegas Strip
Throughout the licensing competition, officials frequently referenced “Las Vegas-style casino” developments. Industry observers note these NYC properties will function quite differently from Nevada resort complexes.
On the Las Vegas Strip, gaming typically contributes less than one-third of total property income. Hotels, restaurants, nightclubs, and shows generate the majority of revenue.
New York’s casino business model inverts this formula. Gambling operations will constitute the dominant revenue source, and projections suggest this won’t shift over time.
Industry experts say the downstate New York market lacks the characteristics necessary to replicate the Vegas entertainment-resort paradigm. The fundamental business approach differs significantly.
Since gaming yields higher profit margins compared to hospitality or food service operations, New York venues are projected to achieve exceptionally strong profitability metrics.
CBRE’s research additionally notes that table game penetration rates across all three New York casino properties are expected to reach among the nation’s highest levels.
