Key Takeaways
Contents
- CBRE’s institutional analysis forecasts the three licensed NYC casino properties will bring in $4.1 billion to $5.6 billion each year
- Gaming floor operations will account for approximately 70% of total earnings, unlike the diversified Vegas model
- The three license holders are Genting, Bally’s, and Hard Rock International
- Genting’s existing Resorts World New York facility provides a significant competitive edge, with live table games potentially launching within months
- The business structure will focus predominantly on gambling rather than hotel accommodations and entertainment offerings
New York City stands on the brink of a significant transformation in its gaming landscape. Fresh financial analysis from CBRE Institutional Research reveals the economic potential behind the city’s three recently authorized casino licenses.
According to CBRE’s projections, the trio of gaming establishments could deliver annual revenues reaching $5.6 billion under optimal conditions. This represents the firm’s high-end forecast.
The research also includes a middle-ground estimate of $4.7 billion yearly. Even under conservative assumptions, CBRE anticipates annual earnings of at least $4.1 billion.
Should these predictions prove accurate, New York City’s casino properties would secure positions among America’s most lucrative regional gaming destinations.
The analysis indicates that gaming operations will contribute approximately 70% of overall revenue. This means the gambling floors—not lodging or dining facilities—will serve as the primary profit centers.
CBRE anticipates a rapid growth trajectory for these properties. The firm’s analysts believe the casinos could achieve maximum revenue capacity in as little as three years.
This accelerated timeline stems partly from established competition in the region. The Empire City Casino facility in Yonkers has already cultivated local gambling demand, creating a foundation for the new entrants.
License Holders: Genting Holds Strategic Advantage
Three major gaming corporations have secured New York City’s casino licenses: Genting, Bally’s, and Hard Rock International.
Genting possesses a substantial advantage over its competitors. The Malaysian gaming giant currently operates Resorts World New York in Queens.
This existing presence eliminates the need for ground-up construction. Instead, Genting is committing billions toward transforming and enlarging its current Queens location.
Resorts World New York benefits from prime positioning in a high-traffic area with convenient access to two subway stations. The property already maintains an established customer following and operational casino framework.
CBRE analysts project that Genting may introduce live table games before year’s end. This would establish a significant timing advantage over Bally’s and Hard Rock, both still navigating preliminary development phases.
The complete transformation of Resorts World into a comprehensive integrated resort complex is targeted for 2031.
A Different Model Than the Vegas Strip
Throughout the licensing competition, officials frequently referenced “Las Vegas-style casino” concepts. However, industry analysts emphasize that these New York establishments will function quite differently from Las Vegas Strip properties.
On the Strip, gaming accounts for less than one-third of total property income. The majority flows from hotel operations, restaurants, and entertainment venues.
New York’s casino landscape will follow an inverted model. Gaming will represent the dominant revenue source, and projections suggest this pattern will persist.
Industry experts contend that downstate New York will never mirror the traditional Las Vegas blueprint. The fundamental business architecture differs too significantly.
Given that gaming generates higher profit margins than hospitality or food service operations, the New York venues are projected to achieve exceptionally strong profitability ratios.
CBRE’s research additionally highlights that table game penetration across all three New York casino properties is forecast to reach levels among the nation’s highest.
