Resorts World NYC is rapidly advancing its expansion plans, less than a year after receiving a commercial casino license for downstate New York. This week, the casino announced the addition of 1,400 slot machines, increasing its total to approximately 3,900.
These new slots were installed on the property's first floor, a quick rollout that impressed state regulators and contributed to its license approval. The transition from a Video Lottery Terminal (VLT) facility to a commercial casino occurred in April, contrasting with its competitors, Bally's Bronx and Metropolitan Park, which are scheduled to open in 2030.
On Wednesday, Resorts World also celebrated a groundbreaking for the second phase of its $5.5 billion expansion project, which will feature:
– A new 400-room Hyatt hotel tower and a 1,200-room Crockfords hotel.
– A 7,000-seat entertainment venue.
– A sports and media complex dedicated to NBA legend Kenny "The Jet" Smith.
– A new parking garage.
– A central plaza.
Projected plans for the expanded facility include a total of 6,000 slots, 800 table games, and 2,000 hotel rooms. However, a state licensing board previously noted that initial renderings submitted by the casino anticipated only 4,600 slots and 530 tables. The completion of all expansions is targeted for 2029, with the full project expected to wrap up by 2031.
Lim Kok Thay, chairman of Resorts World’s parent company Genting, commented, "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."
Having secured its downstate license, Resorts World brings both table games and Class III slots to the NYC region, with a four-year monopoly on these offerings. However, this first-mover advantage comes with hefty taxation; the casino pays the highest rates in the area, 56% on slots and 30% on table games, while Bally's Bronx and Metropolitan Park face lower rates of 30%/10% and 25%/10% respectively.
Earlier this summer, Resorts World was involved in a significant tax dispute with the New York State Gaming Commission (NYSGC). The issue concerned how part of the casinos' tax revenue is designated for the state’s horse racing industry. Resorts World initially believed these payments were included in their gaming tax obligations. In contrast, the NYSGC viewed them as a separate cost. Until 2030, Resorts World was responsible for these payments alone, which amounted to over $150 million annually. This matter was resolved in the casino's favor on June 5, when legislation clarified that tax funds could be allocated directly to the New York Horse Racing Association.
New York Governor Kathy Hochul acknowledged the dispute, stating that the bill was designed to protect the racing industry from negative impacts due to funding changes.
"With this issue resolved, we look forward to working in partnership with the state and continuing our standing as New York's largest taxpayer," said Resorts World spokesman Stefan Friedman.
Following the resolution of the tax issue, Resorts World has reported impressive earnings since its commercial relaunch, totaling $317 million in gross gaming revenue over 11 weeks. This performance is on track for more than $1.5 billion within a year.
The average daily win per slot machine at Resorts World is $1,214, notably higher than Wynn Las Vegas, which reported an average of $849 per machine in the first quarter. While Wynn operates about 1,800 machines, Resorts World has expanded from 2,500 to 3,900.
Robert DeSalvio, president of Genting's New York operations, remarked, "I don’t think the industry’s ever seen that [slot win] number before," noting that current slot revenues are already exceeding the casino's highest monthly VLT revenue with fewer machines.
On the matter of the 30% table tax rate, DeSalvio acknowledged it is "a little bit high" but expressed optimism that it could decrease to match the rates of rival casinos once they launch. However, there is still uncertainty as to whether the higher tax rates are viewed as temporary.
The NYSGC's site states that applicants were assessed based on the taxes they proposed, which adds another layer to the ongoing tax discussion within the burgeoning New York gaming market.
