TLDR
- CBRE projects three new NYC casinos could generate between $4.1 billion and $5.6 billion in annual revenue
- About 70% of revenue is expected to come directly from gaming activities on casino floors
- Genting, Bally’s, and Hard Rock International hold the three NYC casino licenses
- Genting’s Resorts World New York has a first-mover advantage and could offer live table games later this year
- NYC casinos will operate differently from Las Vegas, relying heavily on gaming rather than hotels and entertainment
A new financial report says three newly approved casinos in New York City could generate up to $5.6 billion in annual revenue. The projection comes from CBRE Institutional Research, which released its analysis this week.
The $5.6 billion figure represents the best-case scenario in the report. The base case projection sits at $4.7 billion per year. Even the most pessimistic estimate still puts annual revenue at $4.1 billion.
If these numbers hold up, the three NYC locations would rank among the highest-grossing regional casinos in the United States.
CBRE estimates that around 70% of the revenue will come from gaming activities. That means the casino floors themselves will drive most of the income, rather than hotels, restaurants, or entertainment.
The research firm also expects the new properties to ramp up quickly. According to the report, they could reach full earning potential within just three years.
Three Operators, One Clear Leader
The three companies holding NYC casino licenses are Genting, Bally’s, and Hard Rock International. Each will develop its own property in the city.
Genting has a clear head start over the other two. The company already operates Resorts World New York in Queens, which gives it an existing customer base and working casino infrastructure.
Rather than building from scratch, Genting is investing billions to upgrade its current location. The property is located near two subway stops, which helps with foot traffic.
CBRE believes Genting could begin offering live table games at some point later this year. That would give the company a lead over Bally’s and Hard Rock, which are still in earlier stages of development.
Genting’s full conversion into an integrated resort is scheduled for completion in 2031.
NYC Casinos Won’t Look Like Las Vegas
During the bidding process, politicians often used the phrase “Las Vegas-style casino” to describe what was coming to the city. But experts say the comparison doesn’t hold up.
Las Vegas Strip properties depend heavily on lodging, dining, and large entertainment events. Less than one-third of revenue on the Strip comes from gaming itself.
New York’s casinos will be the opposite. Gaming will dominate the revenue mix, and the properties will not rely on hotels and shows the same way Vegas does.
Analysts say they do not expect the downstate New York region to ever resemble the Las Vegas model.
The gaming-heavy approach does come with a financial upside. CBRE notes that gaming carries higher profit margins than spending on food, hotels, and entertainment.
The report also found that table game penetration at all three NYC casinos is expected to rank among the highest in the country.
CBRE’s full conversion timeline places Genting’s completed resort in 2031, with Bally’s and Hard Rock following their own development schedules in the coming years.
