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 the 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
New York City is gearing up for a major expansion of its gambling industry. A new financial report from CBRE Institutional Research lays out what the three newly approved casino licenses could mean for the city’s bottom line.
The research firm projects that the three casinos could generate as much as $5.6 billion in annual revenue. That figure represents the best-case scenario in the report.
CBRE also offered a base case projection of $4.7 billion per year. Even the most pessimistic estimate still puts the number at $4.1 billion annually.
If those numbers hold up, the three New York City venues would rank among the highest-grossing regional casinos in the United States.
The report found that roughly 70% of the projected revenue would come from gaming activities. That means the casino floors themselves will be the main money makers, not hotels or restaurants.
CBRE expects the new properties to ramp up operations quickly. Researchers say the venues could reach full earning potential within just three years.
That fast timeline is partly due to existing competition in the area. Empire City Casino in Yonkers already operates nearby, which means the local gambling market has some existing demand.
Three Operators, One Clear Leader
Three companies hold the New York City casino licenses. They are Genting, Bally’s, and Hard