Key Moments:
- Resorts World New York City has submitted a $600 million license bid, exceeding the $500 million minimum by 20 percent.
- The company aims for a $5.5 billion expansion, with full-scale resort facilities and taxation rates higher than state-set baselines.
- Projected revenues between 2026 and 2030 reach $11.5 billion, with $5 billion expected to be paid in state taxes.
Ambitious Expansion and License Offer
Resorts World New York City has put forward a $5.5 billion plan that would transform its current operation at Aqueduct Raceway into a comprehensive casino resort. The company’s license bid of $600 million is 20 percent above the $500 million floor established by the New York State Gaming Facility Location Board. Resorts World intends to upgrade its existing video lottery terminal property into a facility featuring expanded gaming floors, new hotels, a range of dining options, entertainment venues, and additional public spaces.
Competitive Landscape Narrows
With MGM Empire City withdrawing from the New York downstate casino licensing contest, primary competition remains in two proposals: Steve Cohen’s $8 billion Metropolitan Park project, partnered with Hard Rock International near Citi Field, and Bally’s $4 billion casino vision for the Bronx’s Ferry Point golf course. Resorts World stands apart due to its current operations, local infrastructure, and community relationships.
Tax Proposal Surpasses State Baselines
In its bid, Resorts World has proposed imposing tax rates of 56 percent on slots and 30 percent on table games, significantly surpassing the base rates of 25 percent and 10 percent set by the Gaming Facility Location Board. These higher rates would place New York at the upper end of taxation among U.S. commercial casinos. Resorts World supports these rates as a means to boost state and community development.
Market Projections and Transparency
Distinct from other bidders, Resorts World has openly presented its financial forecasts. Citing Spectrum Gaming data, the operator projects annual revenues between $3 billion and $4 billion by 2031, depending on how many licenses are ultimately issued. Company expectations position Resorts World as a market leader under varying competitive conditions.
Political Push for Swift Licensing
New York State Senator Joseph P. Addabbo Jr. has urged the Gaming Facility Location Board to expedite the casino licensing process. Following MGM Resorts International’s exit, Addabbo, who leads the Senate Committee on Racing, Gaming, and Wagering, cautioned that additional delays may impede economic growth, construction, and erode confidence in the state’s gaming expansion plans.
Community Support and Economic Impact
Resorts World’s plan has gained unanimous approval from the Community Advisory Committee during public hearings. The company maintained its community benefits package, referencing its 15-year track record in Queens and existing partnerships with local groups. Between 2026 and 2030, projections show the operator paying $5 billion in state taxes and generating $11.5 billion in gaming revenue. The planned resort expansion is expected to spur economic growth, increased tourism, permanent job creation, and business opportunities for local contractors.
| Proposal | Project Value | Current Status | Key Features |
|---|---|---|---|
| Resorts World New York City | $5.5 billion | Operating, License Bid Submitted | Casino, hotels, dining, entertainment, public spaces |
| Metropolitan Park (Cohen/Hard Rock) | $8 billion | Proposal | New facility near Citi Field |
| Bally’s Ferry Point | $4 billion | Proposal | Redevelopment of golf course in Bronx |
Project Timeline and Facilities
Leveraging its operational foundation, Resorts World expects rapid implementation. The first stage of its expanded gaming floor targets an opening date in June 2026, with full-scale operations – including 6,800 gaming positions – projected by 2029. The Queens location boasts connectivity via subway, LIRR, and proximity to JFK Airport, complementing the planned expansion of hotels, restaurants, and venues.
Revenue Model and Customer Focus
The revenue structure outlined in a report by Spectrum Gaming places Resorts World’s target at an even split: 50 percent from slots and 50 percent from table games, drawing comparisons to casinos like Wynn Las Vegas (58 percent table games), MGM National Harbor (39 percent), and Wind Creek Bethlehem (47 percent). Asian customers comprise a significant user base for Resorts World, accounting for 25 percent of its $1 billion annual gaming revenue. The property has tailored its offering to this demographic, which constitutes about 17 percent of the downstate population, through games such as baccarat and transportation links serving Chinatown and Flushing.
Industry Implications
New York’s ongoing allocation of three downstate casino licenses stands to significantly impact the economic and entertainment sectors. Resorts World’s proposal punctuates its readiness, established partnerships, and commitment to substantial tax payments, positioning itself as a leading candidate in the increasingly competitive process.
- Author
Daniel Williams
