Expansion of Resorts World NYC: New Slot Machines and Luxury Hotel

Resorts World NYC has initiated a new phase of expansion following its licensing as a commercial casino in the New York area. This week, the casino announced the addition of 1,400 new slot machines, bringing the total to approximately 3,900 on its main floor. This rapid execution was crucial to secure the license from state regulators.

In April, Resorts World transitioned from a Video Lottery Terminal (VLT) facility to a commercial casino. Its competitors, Bally's Bronx and Metropolitan Park, will not open until at least 2030. Additionally, Resorts World has begun construction on the second phase of its $5.5 billion project, which will include a new 400-room Hyatt hotel, a 1,200-room Crockfords hotel, as well as an entertainment complex with 7,000 seats, a sports center dedicated to Kenny "The Jet" Smith, and new parking facilities. The entire casino expansion is expected to be completed by 2029, with the full project finished by 2031.

"In less than three months since opening our doors as the first casino in New York City history, we are moving towards a day when the city will have an unprecedented integrated resort," stated Lim Kok Thay, chairman of Genting, the owner of Resorts World.

Tax Implications and Temporary Monopoly

With its license in effect, Resorts World is the first to bring Class III table games and slot machines to the New York City region. This initial monopoly will remain for at least four years. However, Resorts World is subject to the highest tax rates among the three casinos in the area: 56% on slots and 30% on tables, compared to 30% and 10% for Bally's Bronx, and 25% and 10% for Metropolitan Park.

This tax regime created a conflict with the New York State Gaming Commission, as part of the contributions is allocated to subsidize the state's horse racing industry. Such payments were resolved in June in favor of Resorts World when a law was passed allowing direct distribution of tax revenues to the New York Horse Racing Association.

"With this matter resolved, we look forward to collaborating with the state and continuing as New York's largest taxpayer," affirmed Stefan Friedman, spokesperson for Resorts World.

Impressive Initial Results

With the racing conflict resolved, Resorts World enjoys its dominant position. In the 11 weeks following its relaunch, the casino reported gross revenue of $317 million, projecting an annual total surpassing $1.5 billion. The average daily win per slot machine was $1,214, outperforming the $849 average of Wynn Las Vegas.

Robert DeSalvio, president of Genting operations in New York, commented on the GGB podcast that these monthly revenues already exceed those of the VLTs with fewer machines.

With a 30% table tax, DeSalvio expressed hopes for reduced rates once the other casinos open. However, the Gaming Commission insists that taxes are defined by the initial proposals of each casino.

"The Gaming Facility Location Board recommended – and the Gaming Commission agreed – that applicants be approved and licensed according to the rates imposed that each proposed," says the official page.

Future of the Expansion Project

As Resorts World progresses with its ambitious project, the introduction of new features and services reinforces its position as a key player in the New York market. The new developments and the company’s commitment to the community may redefine the standard for casino complexes in the region.

Each advancement will bring new challenges and opportunities, especially in a market as competitive and regulated as New York.