Resorts World NYC is rapidly advancing its expansion plans, following its recent acquisition of a commercial casino license in downstate New York. This week, the casino unveiled its latest developments, revealing the addition of 1,400 slot machines, which increases the total number to approximately 3,900. These new machines were installed on the first floor of the property, a key factor that helped Resorts World secure its license from state regulators. The venue transitioned from a Video Lottery Terminal facility to a commercial casino in April, while competitors Bally’s Bronx and Metropolitan Park are not expected to complete their single-phase developments until 2030 at the earliest.
On Wednesday, Resorts World celebrated the groundbreaking for the second phase of its ambitious $5.5 billion renovation project. The expansion will introduce a range of new features, including:
– A 400-room Hyatt hotel tower and a 1,200-room Crockfords hotel
– A 7,000-seat entertainment venue
– A sports and media complex named after NBA legend Kenny “The Jet” Smith
– A new parking garage
– A central plaza
Upon completion, the expanded property aims to accommodate 6,000 slot machines, 800 table games, and 2,000 hotel rooms. However, the original application presented to regulators only included plans for 4,600 slots and 530 tables. Full completion of the project is anticipated by 2031, with the first phase set to conclude in 2029.
Lim Kok Thay, chairman of Resorts World’s parent company Genting, expressed excitement about the progress, stating, "In less than 3 months after opening our doors as the first casino in New York City’s history, we are already moving towards a day when the city will have a first-of-its-kind integrated resort."
In addition to expanding its facilities, Resorts World has also made headlines over a tax dispute with the New York State Gaming Commission. This issue arose due to confusion over tax revenue allocations; a portion of the taxes collected by the three downstate casinos is intended to support the state's horse racing industry. Resorts World expected these payments to be included in their gaming taxes, but the commission viewed them as separate obligations.
Before a resolution was reached, Resorts World faced an annual financial burden exceeding $150 million due to this disagreement. However, on June 5, lawmakers passed a bill clarifying that the Gaming Commission could allocate funds from the casinos directly to the New York Horse Racing Association. Governor Kathy Hochul addressed the matter, emphasizing the importance of ensuring that the racing industry receives adequate support.
Stefan Friedman, a spokesperson for Resorts World, stated, "With this issue resolved, we look forward to working in partnership with the state and continuing our standing as New York’s largest taxpayer."
Now that the tax dispute has been settled, Resorts World can capitalize on its status as the only casino of its kind in the area. Since its relaunch, the casino has reported impressive financial results—gross gaming revenue has reached $317 million in the past 11 weeks, suggesting projections of over $1.5 billion within a year.
Remarkably, Resorts World has achieved an average slot win per unit per day of $1,214, a figure significantly higher than Wynn Las Vegas, which typically sees around $849 per unit daily. The Las Vegas resort operates about 1,800 machines compared to Resorts World’s current count of 3,900.
Robert DeSalvio, president of Genting’s New York operations, noted the unprecedented nature of these slot win figures, explaining that the casino's monthly slot revenues are already exceeding its best-ever monthly VLT revenues, despite having fewer machines at its disposal.
While the 30% tax rate on table games is perceived as high, DeSalvio expressed confidence that it will decrease to align more closely with the rates at Bally’s Bronx and Metropolitan Park once they begin operations. However, there is uncertainty regarding the duration of these elevated tax rates, as the NYSGC's documentation does not specify them as temporary.
The Gaming Facility Location Board, along with the Gaming Commission, has indicated that licensing decisions will be based on the tax rates each applicant proposes, adding another layer of complexity to the unfolding situation.
