Genting could be about to gain a valuable downstate New York casino licence, presenting the “largest of all the bids in terms of site size, build area, and casino-floor area”.
On Monday (21 July), Genting showcased its Resorts World NYC plans to a six-person Community Advisory Committee (CAC) as part of the process of gaining one of three casino licences on offer.
If successful, Genting has committed to spending $5.5bn to transform its Resorts World New York City location into an integrated resort complete with 6,000 slot machines, 800 gaming tables and 2,000 hotel rooms.
Genting revealed the resort, which would open in July 2026, has the capacity for 70,000 guests and is expected to create up to 24,000 new jobs, as well as generate “hundreds of millions of dollars” of tax revenue for the state.
Robert DeSalvio, President of Genting Americas East, commented: “What the Community Advisory Committee heard today was a vision for a transformative project that will be a game-changer for this borough, the city, and the state.”
Eight bidders are currently seeking to gain one of the three licences made available by the New York Gaming Commission. Each successful applicant will be required to invest a minimum of $1bn for the licence fee and capital investment, with $500m payable within 30 days as the licence fee.
Genting is competing against the likes of Bally’s, MGM Resorts, Mohegan Tribal Gaming Authority and Caesars Entertainment to receive a licence.
In its presentation, Genting claims that the resort will serve Downstate New York’s gaming market of 19 million people, as well as the 64 million people who travel through the nearby JFK Airport each year.
Applicants have until the end of September to gain the approval of their Community Advisory Committee and secure relevant zoning approval.
Genting confirmed that “all land-use approvals have already been granted, and the company is ready to start construction the day it receives a licence”.
“When it comes to completion and operational risk, Resorts World New York City stands uniquely as almost risk-free,” Resorts World’s Chief Legal and Strategy Officer Kevin Jones told the Community Advisory Committee.
Casino permits will be granted for a period of between 10 and 30 years, depending on the size of the investment pledged.
Once projects have community advisory committee approval, the Gaming Facility Location Board will assess the applications. Three projects will then be selected by 1 December, followed by Commission licensure to ensure the state collects the proposed casino licence fee ahead of schedule.
