The race for three downstate casino licenses is intensifying.
Now, Genting New York LLC, the U.S. subsidiary of Genting Malaysia, is making waves with its proposal for a full casino license for Resorts World New York City (RWNYC).
By unveiling the $5.5 billion expansion plan this week, the company aims to elevate RWNYC into the largest fully integrated casino resort in New York State. Let's delve into the details and implications of this ambitious project.
Why are Casino Licenses Available?
The availability of new casino licenses in New York City is part of the state's ongoing effort to boost tourism and local economies.
The licenses represent an opportunity for casinos to offer more than just slot machines and electronic games, with permissions to expand to table games and other comprehensive services. With only three full casino licenses available, the competition is fierce, driving contenders like Genting to present substantial and attractive proposals.
Key Features of the Resorts World New York City Expansion
Genting's proposed expansion plan is nothing short of colossal:
- Size and Scale: The development is planned on a 73-acre site, transforming RWNYC into a 5.6 million-square-foot casino resort. This scale aims to make it the largest casino resort in New York State.
- Gaming Options: The project proposes 6,000 slot machines and 800 table games, marking a major upgrade from the current electronic gaming setup.
- Accommodations and Entertainment: It includes 2,000 hotel rooms and a 7,000-seat arena, promising entertainment beyond gaming.
- Dining and Relaxation: More than 30 restaurants and bars are planned, along with a luxurious spa and expansive public green spaces.
- Community and Business Benefits: The resort will feature over 7,000 parking spaces and extensive meeting facilities to accommodate large events.
Economic and Social Impact of Resorts World Plan
The RWNYC expansion is projected to have significant economic and social benefits:
- Job Creation: The transformation is expected to generate 5,000 permanent jobs, a substantial increase from the current 1,000 employees. Additionally, it would create an estimated 5,000 union construction jobs during the development phase.
- Community Contributions: Beyond its economic contributions, Genting plans to partner in building up to 50,000 workforce housing units and invest $50 million in an Innovation Campus.
The Competition for Downstate Casino Licenses?
A total of eight major proposals are now in contention, following the withdrawal of several original applicants. Noteworthy contenders include:
- The Coney (Coney Island)
- Freedom Plaza (Manhattan's East Side)
- Caesars (Times Square)
- Empire City (MGM, Yonkers)
- Silverstein Properties & Greenwood Gaming (Midtown Manhattan)
- Bally’s (Bronx)
RWNYC May Have a Competitive Edge
Genting New York LLC may stand out in the casino licensing race due to its ambitious proposal and strategic advantages:
- Existing Operations: RWNYC's current operations in New York City may give Genting a competitive edge, as it can implement changes faster than competitors proposing new sites.
- Project Timelines: If the license is granted, construction would begin immediately, aiming for a July 2026 operational date.
Genting's grand vision for RWNYC is more than just an expansion; it's a transformative step for New York's gaming and tourism industry.
By enhancing the gaming experience and contributing to community development, this project seeks to elevate the state's casino offerings to new heights. With a licensing decision expected by December 2025, the future of RWNYC promises to bring significant benefits to Queens and New York City at large.
