Resorts World NYC is rapidly advancing its expansion efforts less than a year after receiving a commercial casino license in downstate New York. This week, the casino not only announced the addition of 1,400 slot machines but also celebrated the groundbreaking for the second phase of its ambitious $5.5 billion overhaul.
On Tuesday, Resorts World confirmed that it has expanded its slot machine offering, increasing the total to approximately 3,900. The new slots were integrated into the first floor of the property. The swift execution of this plan was a key factor during the licensing process, setting Resorts World apart from its competitors—Bally's Bronx and Metropolitan Park—both of which are slated for completion no earlier than 2030.
The following day marked the official start of the second phase of the expansion, which will introduce several new features, including:
– A 400-room Hyatt hotel tower
– A 1,200-room Crockfords hotel
– A 7,000-seat entertainment venue
– A sports and media complex dedicated to NBA icon Kenny "The Jet" Smith
– A new parking garage
– A central plaza
Once fully realized, the expanded project aims to host 6,000 slots, 800 table games, and 2,000 hotel rooms. However, the initial plans submitted to state regulators included designs for only 4,600 slots and 530 tables. The entire project is projected to be completed by 2031, with a target date of 2029 for the casino expansions.
Lim Kok Thay, the chairman of Resorts World’s parent company, Genting, expressed enthusiasm about the project, 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."
Resorts World has also positioned itself as a pioneer in the region by introducing both table games and Class III slots to New York City. This first-mover advantage comes with significant financial obligations, as the casino is facing higher tax rates than its upcoming competitors—56% on slots and 30% on table games, compared to Bally's Bronx and Metropolitan Park at 30%/10% and 25%/10%, respectively.
Earlier this summer, Resorts World was involved in a dispute with the New York State Gaming Commission regarding tax revenues allocated to support the horse racing industry. The casino had assumed that payments were part of its overall gaming taxes, while the NYSGC categorized them as a separate obligation.
While this arrangement is set to become equitable among the three casinos after 2030, Resorts World had been responsible for $150 million in annual payments on its own until June 5, when a state legislature bill allowed tax funds to be distributed directly to the New York Horse Racing Association. New York Governor Kathy Hochul acknowledged the ongoing issues and stated that the bill aimed to protect the racing industry, which has historically depended on such funding.
In light of the resolution, Resorts World’s spokesperson, Stefan Friedman, 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."
In terms of financial performance, Resorts World has seen impressive results since its commercial relaunch. Over the past 11 weeks, the casino reported a total gross gaming revenue of $317 million, suggesting a yearly revenue trajectory of $1.5 billion. The casino has enjoyed an average slot win per unit per day of $1,214, significantly outpacing Wynn Las Vegas, which reported an average of $849 in Q1. Resorts World operates 3,900 machines currently, an increase from 2,500 under previous figures.
Genting’s president of New York operations, Robert DeSalvio, noted that Resorts World’s slot revenues are already exceeding those from its best months as a video lottery terminal.
Despite the high tax rates, DeSalvio believes they are temporary, indicating that they should align more closely with the rates of other casinos once they commence operations. However, the NYSGC site does not clarify the nature of these higher rates.
"The Gaming Facility Location Board recommended—and the Gaming Commission concurred—that applicants be considered and licensed based upon the tax rates each proposed," the NYSGC stated.
