New York City's New Casinos: A $5.6 Billion Annual Windfall?

The New York Gaming Commission approved three new casino licenses in the New York City area. CBRE Institutional Research said that those three properties could be some of the busiest casinos in the country. The report expected the Queens property to outperform other properties because the current racetrack and gaming facility. Thus, it could transition to a full-scale casino faster than the other two projects.

The state granted licenses to Bally’s plan at Ferry Point in the Bronx and Mets owner Steve Cohen’s proposal for a casino adjacent to Citi Field in Queens. Genting’s Resorts World New York City had the inside track for early growth. Genting is expected to invest $5 billion into Resorts World. The property is expected to have table games operational by the middle of this year.

CBRE believes the casino market should reach maturity in 2031, when all three casinos are finished. The revenue could make the Big Apple the second-largest gaming market behind the Las Vegas Strip. The proposed gaming floors are massive, with some of the largest table footprints, if not the largest, seen in regional gaming with over 200, 400, and 500 planned at Bally’s Bronx, [Hard Rock] and RWNYC, respectively. Mansfield and Parks offered a range of annual revenue from $4.1 billion to $5.6 billion for the three casinos. Mansfield and Parks forecast 72% of the revenue to come from the gambling floor.