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State of Play: A recent report indicates that all three remaining bidders for a commercial casino license in downstate New York are likely to be approved, with the Resorts World expansion proposal emerging as the frontrunner.
If approved, the three projects would greatly shape the landscape of casino gambling in the state, at least until New York online casinos for real money are legalized. And while that seems like a stretch right now, this process for awarding downstate licenses could expedite the legalization of online casinos in the state.
According to Maybank Investment Bank, each of the remaining three bids for a full commercial downstate casino license in New York are “virtually assured” of being granted. Besides Genting Malaysia’s Resorts World proposal, bids from Hard Rock International and Bally’s Corp. are also expected to be approved.
Resorts World expansion could be ready by next summer
The Resorts World expansion is seen as the most compelling of the three bids due to its aggressive timeline and proposed financial contributions in license fees and taxes. If awarded, Genting aims to launch a permanent casino featuring up to 4,000 slot machines and 250 table games by June 2026.
The project is expected to generate approximately $2.7 billion in gross gaming revenue by 2031, potentially securing a 42% market share in New York’s gambling industry. That would position New York as the second-largest market in the US after Las Vegas. That would also make it bigger than neighboring Atlantic City in New Jersey.
The two other projects vying for licenses in downstate NY could face delays, potentially pushing back their opening until at least 2030. This would create a significant advantage for Resorts World.
As the bidding process unfolds, the outcomes may influence casino operations and betting opportunities across the state. That includes NY online casinos. If and when legalization happens, it would make the state the largest online casino market in the country. The Empire State currently boasts the largest online sports betting market in the US, consistently generating over $1 billion in handle each month. In some cases, over $2 billion.
To get an idea of how massive online casinos could be in New York, previous estimates suggest that the state could generate double the revenue of online sports betting.
Since it seems the drawn-out process of awarding downstate casino licenses could be coming to a close, online casinos are the next natural step for gambling in New York.
Based on reporting by Ben Blaschke for IAG.
