Key Highlights
Contents
- CBRE’s financial analysis forecasts the three licensed New York City casinos will bring in annual revenues ranging from $4.1 billion to $5.6 billion
- Gaming operations are projected to account for approximately 70% of total revenue streams
- The three casino licenses have been awarded to Genting, Bally’s, and Hard Rock International
- Genting’s existing Resorts World New York property positions the operator as first to market, potentially introducing live table games within months
- Unlike Las Vegas resorts, NYC gambling venues will focus predominantly on gaming rather than hospitality and entertainment offerings
According to a recently published financial analysis, the three casino developments approved for New York City have the potential to produce annual revenues reaching $5.6 billion. This forecast appears in a report issued by CBRE Institutional Research earlier this week.
The $5.6 billion projection reflects CBRE’s optimistic scenario. The firm’s moderate forecast anticipates $4.7 billion in yearly revenue. Even under conservative assumptions, the analysis projects annual earnings of at least $4.1 billion.
Should these forecasts prove accurate, New York City’s casino properties would secure positions among the top-performing regional gaming destinations across the nation.
CBRE’s research indicates that gaming operations will contribute roughly 70% of overall revenues. This suggests the primary income source will be casino floor activities, with secondary contributions from lodging, dining, and entertainment venues.
The analysis also predicts rapid market maturation. CBRE expects these properties to achieve their maximum revenue capacity in approximately three years following their respective openings.
The Three License Holders and Market Positioning
Genting, Bally’s, and Hard Rock International have secured the three available New York City casino licenses. Each operator will construct and manage its own gambling facility within city limits.
Genting enters the market with substantial advantages over its competitors. The company currently runs Resorts World New York in Queens, providing established brand recognition and operational infrastructure already in place.
Instead of constructing an entirely new facility, Genting plans to invest billions in transforming its existing Queens location. The site benefits from proximity to two subway stations, ensuring strong accessibility for potential patrons.
According to CBRE’s assessment, Genting may introduce live table games to its facility before the year concludes. This timeline would establish a significant market lead over Bally’s and Hard Rock, both of which remain in preliminary development phases.
The complete transformation of Genting’s property into a comprehensive integrated resort is targeted for 2031.
A Different Model from the Vegas Strip
Throughout the licensing competition, government officials frequently referenced “Las Vegas-style casinos” when discussing the planned developments. Industry analysts, however, argue this characterization misrepresents what’s actually coming to New York.
Las Vegas Strip establishments generate substantial revenue from hotel accommodations, restaurant operations, and headline entertainment programming. Gaming itself contributes less than one-third of total Strip revenues.
The business model for New York’s casino properties will function inversely. Gaming activities will constitute the primary revenue driver, with significantly reduced reliance on hospitality and entertainment compared to their Nevada counterparts.
Industry observers maintain that downstate New York’s casino market will never mirror the Las Vegas operational model.
This gaming-centric strategy offers certain economic advantages. CBRE’s analysis highlights that casino gaming typically delivers stronger profit margins compared to food service, hotel operations, and entertainment programming.
The research further indicates that table game participation rates across all three NYC casino properties are projected to reach some of the highest levels nationwide.
CBRE’s development timeline anticipates Genting’s full resort conversion by 2031, while Bally’s and Hard Rock will proceed according to their individual construction and opening schedules over the next several years.
