According to a recent analysis by CBRE Institutional Research, the three new casinos planned for downstate New York have the potential to collectively generate over $5.6 billion in annual gaming revenue under an optimistic growth scenario. The report emphasizes that the market is currently underdeveloped and can support significant expansion.
The base case scenario estimates an annual gross gaming revenue of $4.7 billion once all three casinos reach full operation after 2031, with lower estimates around $4.1 billion. If these projections hold, the New York market would become the second largest in the U.S., following the Las Vegas Strip, driven by utilization rates comparable to top gaming destinations.
In December, the New York Gaming Facility Location Board confirmed licenses for the three projects. Genting Malaysia plans to expand Resorts World New York City in Queens, while Bally’s Corp and a partnership involving New York Mets owner Steve Cohen and Hard Rock International will create new integrated resorts in the Bronx and Metropolitan Park, respectively.
Genting is set to invest approximately $5 billion to transform its current racino into a comprehensive integrated resort by 2031, with table games expected to launch by mid-2026.
The scale of gaming operations is anticipated to be among the largest in regional markets, featuring hundreds of table games across the three locations and thousands of additional slot machines. CBRE analysts noted that the size of these gaming floors would rank among the most extensive in the sector.
“The Downstate New York market is significantly underpenetrated, and there is a strong case for each of the three projects to be among the highest revenue-generating casinos across regional gaming,” stated CBRE.
The report predicts that the market will begin to grow within three years of opening, driven by existing demand and limited supply, despite competition from facilities like MGM Resorts International’s Empire City Casino in Yonkers, which did not pursue a full casino license application.
Gaming is expected to be the primary source of revenue, contributing about 70 to 72% of total resort income. This contrasts with Las Vegas, where non-gaming activities generate a larger proportion of revenue. CBRE indicated that the New York properties are likely to remain heavily dependent on gaming due to higher profit margins and specific demand patterns.
Non-gaming amenities such as hotels, dining, retail, and entertainment are also projected to make a significant contribution. CBRE estimates that these sectors could generate over $1 billion in combined annual revenue across the three developments, based on a base gaming estimate of nearly $5 billion.
With plans for a total of 3,470 hotel rooms, these new developments are not expected to directly compete with New York City’s hospitality sector; rather, they will primarily support casino operations.
Location is seen as a critical factor in the expected performance of these casinos. Each site is strategically positioned near densely populated areas with strong transportation links and high foot traffic, which are anticipated to foster consistent visitor numbers.
Resorts World New York City is noted for its potential advantage due to its existing infrastructure and established customer base. The property is expected 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, along with high daily traffic volumes, are also expected to enhance demand.
“RWNYC should also benefit from having existing casino infrastructure and a well-established customer base, as the proposed project is an expansion of the current facility rather than a completely new development,” CBRE remarked.
The report further emphasizes demand drivers, including New York City’s tourism market, which attracted around 65 million visitors in 2025.