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New York’s Resorts World Plans $5 Billion Expansion in Casino Bid

Proposal Includes 7,000-Seat Entertainment Venue
Resorts World New York City has offered a $5 billion expansion plan, depicted in a rendering, to vie for one of New York's high-stakes casino gaming license. (Resorts World)
Resorts World New York City has offered a $5 billion expansion plan, depicted in a rendering, to vie for one of New York's high-stakes casino gaming license. (Resorts World)
CoStar News
February 29, 2024 | 11:32 P.M.

Resorts World New York City, billed as the city’s first and only casino-hotel at Aqueduct Racetrack in Queens, is upping its game in a $5 billion expansion plan to vie for one of New York’s high-stakes casino gaming licenses.

Resorts World, already with about 6,500 slot machines and electronic table gaming, said Thursday winning a license from the New York State Gaming Commission will allow it to turn the longtime racetrack into a full, Las Vegas-style gaming destination in Southeast Queens nearby the John F. Kennedy International Airport.

The plan involves adding some 2 million square feet of entertainment, gaming, retail, dining and convention space on top of its existing 1 million-square-foot facility. It proposes a 350,000-square-foot casino floor that it said will be one of the largest in the world. The project would also add 1,600 new hotel rooms on top of the 400 already available at the Hyatt Regency JFK Airport.

Resorts World also proposed a 7,000-seat entertainment venue and 350,000 square feet of meeting, conference and entertainment space that it said will be the second-largest of its size in the city.

Just as billionaire rapper Jay-Z’s entertainment company, Roc Nation, has joined the Times Square casino bid from SL Green Realty and Caesars Entertainment, Resorts World has recruited Queens native and hip-hop star Nas to drum up support for its bid.

Resorts World is operated by Malaysia’s Genting Group, a global company founded in 1965 with destination resorts in New York's Catskills and Hudson Valley; Las Vegas; Bimini, Bahamas; Malaysia, Singapore, and the United Kingdom.

Tax Revenue Generator

Resorts World said it’s already New York state’s largest taxpayer, generating more than $4 billion in revenue for public education since it opened in 2011. It expects to bring hundreds of millions of additional dollars in new, direct annual revenue if it wins a casino license.

The promise of a potential windfall from a casino license in New York has invited a who’s who list of developers and casino companies to compete for one of up to three downstate gaming licenses the state is expected to issue in and around New York.

For instance, in addition to the bid from SL Green and Caesars in Times Square, the Soloviev Group, known for projects such as New York’s iconic 9 W. 57th St. office tower overlooking Central Park, has partnered with casino operator Mohegan in proposing a mixed-use casino resort south of United Nations headquarters. It has added affordable housing units to boost its odds at a site that it’s billed as the largest undeveloped lot in Manhattan.

Other casino contenders include Related Cos., which has teamed up with Wynn Resorts to pursue a license at Western Yards, directly next to the Javits Center convention venue, at Hudson Yards, the largest U.S. private development.

Developer Thor Equities has unveiled a $3 billion-plus casino, hotel and entertainment proposal for Coney Island.

The Mets owner, Steven Cohen, is said to be eyeing a casino license in Queens near Citi Field as New York is set to build its first professional soccer-specific stadium in the borough as part of a megadevelopment.

Silverstein Properties, the New York developer that was key to rebuilding lower Manhattan after the Sept. 11 terrorist attacks, in June said it plans to develop the Avenir, a hotel, casino, entertainment and residential complex spanning 1.8 million square feet on Manhattan’s far west side.

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