The trio of large-scale casinos set to launch in downstate New York is projected to bring in over $5.6 billion in annual gaming revenues based on a high-growth outlook, as per a report by CBRE Institutional Research. This analysis indicates that the market is primarily underdeveloped and has significant potential for sizable expansion.
The forecasted baseline estimates anticipate an annual gross gaming revenue of $4.7 billion once all three properties stabilize after 2031, with lowest projections at around $4.1 billion. If achieved, this would position the market as the second-largest in the United States, following the Las Vegas Strip, bolstered by usage rates expected to align with leading gambling venues.
Licensing for the three initiatives was officially granted in December by the New York Gaming Facility Location Board. Genting Malaysia plans to enhance Resorts World New York City in Queens, while Bally’s Corp, in collaboration with New York Mets owner Steve Cohen and Hard Rock International, will establish new integrated resorts in the Bronx and at Metropolitan Park, respectively.
Rendering of Resorts World New York City expansion
Genting is projected to invest nearly $5 billion to transform its existing racino into a comprehensive integrated resort by 2031, with table games slated to launch by mid-2026.
The scope of gaming initiatives is expected to be among the largest in regional markets, featuring hundreds of table games across the three establishments and thousands of new slot machines. CBRE analysts noted that the dimensions of these gaming floors would rank among the most extensive in the industry.
“The Downstate New York market is significantly underdeveloped, and there’s compelling justification for each of the three projects to rank among the highest revenue-generating casinos in the regional gaming sector,” stated CBRE.
The report anticipates the market to rapidly scale within three years of commencing operations, driven by existing demand and limited supply despite facing competition from entities like MGM Resorts International’s Empire City Casino in Yonkers, which did not advance its full casino license application.
Gaming is expected to be the primary revenue contributor, accounting for approximately 70 to 72% of the total resort income. This reflects a different model than Las Vegas, where non-gaming activities represent a bigger share of revenue. CBRE noted that the New York venues are likely to stay heavily reliant on gaming due to superior margins and intricate demand patterns.
Rendering of Bally's Bronx casino
Despite the focus on gaming, non-gaming sectors like hotels, dining, retail, and entertainment are also expected to make a significant impact. CBRE estimates that these divisions could collectively produce over $1 billion in annual revenue across all three locations, based on a baseline gaming assumption of nearly $5 billion.
However, given the planned total of 3,470 hotel rooms, the new developments are not anticipated to directly compete with New York City’s hospitality industry and will primarily utilize accommodations to support casino operations.
Strategically advantageous locations are anticipated to play a vital role in performance projections. Each resort is situated near densely populated neighborhoods with robust transport links and high foot traffic, which are expected to promote steady visits.
Resorts World New York City is expected to maintain a competitive edge due to its already established infrastructure and customer base. The venue is projected to continue operations during its expansion, allowing for ongoing revenue generation while construction is underway. Its proximity to two subway stations, including one stop from JFK Airport, coupled with significant daily traffic are anticipated to fuel demand.
“RWNYC is also poised to benefit from its existing casino facilities and a pre-established clientele, as the project is an enhancement of the current facility rather than a new build,” CBRE remarked.
Proposed Metropolitan Park development rendering
The report also emphasizes demand factors, including New York City’s vibrant tourism industry, which welcomed about 65 million visitors in 2025. While out-of-state tourists are expected to add to revenue, local demand is projected to be the primary driver of gaming activity.
CBRE pointed out that population density and impressive slot machine performance metrics bolster expectations for high win-per-day figures, even with the introduction of over 1,000 table games and 8,000 new slot machines. The analysts do not foresee market saturation, citing the volume of potential customers within a reasonable travel distance.
The report also mentions that hotel pricing may vary during the initial operational years. Strong early demand and the novelty of the new venues could lead to elevated room rates during the ramp-up period, before stabilizing as operators fine-tune their pricing approaches and gain insights into market behaviors.