Resorts World New York City doubles down on the speed of its massive $5.5 billion first-of-its-kind integrated resort, officially breaking ground on Phase Two of the project less than 3 months after the property’s grand opening.
“In less than 3 months after opening our doors as the first casino in New York City’s history, we are already moving towards a day when the city will have a first-of-its-kind integrated resort,” said Tan Sri Lim Kok Thay, Executive Chairman of the Genting Group. “Not only are we keeping every commitment we made in our proposal to the state, but we are running well ahead of schedule in starting to build outside of our existing building.”
Elements of Phase Two that will get started after groundbreaking include:
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The development of an additional 400-room hotel tower to add on to the current Hyatt Regency.
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The Kenny “The Jet” Sports and Media Complex which will open three years earlier than initially pledged and shift to the middle of the Resorts World campus to be more accessible to the entirety of the project.
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A 7,000 seat multi-purpose arena
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1,200 additional hotel rooms under the luxury Crockfords brand
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The central plaza
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A state-of-the-art parking garage
Largest casino in the USA in Gross Gaming Revenue
The full expansion is projected to create 10,000 jobs, including an estimated 5,000 union construction jobs, and will add 200,000 m² of new gaming, entertainment, dining, retail, and convention space to the existing one-million-square-foot property.
“The excitement around this project hasn’t stopped since the day we submitted our bid,” said Robert DeSalvio, President, Genting Americas East. “It carried us through our licensing process and through the first 12 weeks of operating New York City’s first live table games. Today, that same excitement is present as we break ground on Phase Two, which will bring new infrastructure, new parking, and the next wave of hotel rooms.”
With just two floors of gaming operation opened since opening on April 28, Resorts World has increased tax and racing support payment by over 30 percent compared with the same period last year, paying $170 million in casino taxes and racing support in the first 12 weeks of operation.
With these numbers, Resorts World New York City is already the largest casino in the United States in terms of Gross Gaming Revenue.
Further, with the addition of 1,400 slot machines on July 21 and more gaming tables by the end of the year, RWNYC is expected to significantly grow casino tax and racing support payments to a billion dollars a year, including $425 million for education, $425 million for the MTA and $150 million in support for the state’s horse-racing industry.
To put this into perspective: the states of New York, Nevada, and Pennsylvania each currently generate approximately $1 billion annually in commercial casino tax revenue from all of their casinos. Resorts World New York City, as a single property, is projected to generate approximately $1 billion in annual casino tax revenue…On its own.
Resorts World New York City has operated in Southeast Queens for 15 years and is New York State’s largest taxpayer. The property employs approximately 2,500 people and has invested more than $1.1 billion in Southeast Queens. It welcomes an average of 5 million guests annually.
