Casino News

Resorts World NYC Presents US$5-Billion Expansion Plan

Resorts World New York City is bracing for the issuance of three full-scale commercial gaming licenses in downstate New York. In an attempt to tip the scales in its favour, this week, the gaming location announced a US$5 billion expansion plan. As part of the project, the company wants to add an entertainment hub, a concert hall and much more to the Southeast Queens property.

Currently, the gambling destination is the only casino in New York City and is located near the Aqueduct Racetrack. If it lands the full-commercial gaming license, it could expand its machine-based business by including live table games, such as poker and blackjack. It was launched back in 2011 by the Malaysian company, Genting Malaysia.

Pitching Its US$5 Billion Proposal

In a ceremony, the plans were presented by the rapper Nas анд celebrity Chef Marcus Samuelsson accompanied by lawmakers including Borough President Donovan Richards and State Sen. Joe Addabbo Jr. The project would expand its gaming floor to 350,000 square feet, making it one the largest in the world, while also adding 1,600 new hotel rooms to the Hyatt Regency JFK Airport.

In addition to that, the expansion would also bring 350,000 square feet of conference and entertainment space, including a 7,000-seat arena, a sports academy named after Kenny “The Jet” Smith, a health centre, and 10 acres of publicly accessible green space. Also, the expanded property would bring 5,000 permanent union jobs in gaming and hospitality, if it gets a license.

RWNYC and another existing gaming location Empire City Casino in Yonkers are considered to be front-runners to land two of the three licenses, however, it is not confirmed. The Queens racino also came up with a proposal titled ‘Aqueduct Park’ which would be dependent on the future of consolidation of horse racing at Belmont Park on Long Island.

Robert DeSalvio, President of Genting Americas East explained that the Aqueduct Park would allow the state to redevelop the rest of the Aqueduct land in what could be another US$5 billion project. He remarked the idea is to launch a new 24/7 community to complement the existing neighbourhood. It would include 3,000 units of workforce housing, 50 acres of parkland and transit improvements.

Plenty of Competition

However, the deal is far from complete, and Genting is not guaranteed a license from New York and there are many competitors with some lucrative proposals. Las Vegas Sands is also after a license but recently faced an obstacle. A New York State Supreme Court invalidated the company’s previous lease agreement for Nassau Veterans Memorial Coliseum in Uniondale.

Related Companies is also after a full-scale gambling license in New York as it seeks to launch a casino complex at Hudson Yards. Last week, the firm shed more light on its proposal which would include three skyscrapers on a 13-acre expanse above the MTA’s West Side Yard, located between 11th and 12th Avenues. The project was estimated to be worth around US$12 billion.

Source: Kvetenadze, Téa “Resorts World Casino in Queens unveils $5B expansion proposal amid state license contestNY Daily News, February 29, 2024