Resorts World goes big, as MGM Resorts goes home. Just after MGM Resorts pulled its bid for a New York City casino license, Resorts World submitted a stunning $7.5-billion supplemental proposal Wednesday.
Key Takeaways
- Resorts World adds $2 billion in community funding to its casino proposal.
- MGM drops out of NYC casino license race.
- Resorts World commits to open its proposed casino on June 29, 2026.
Resorts World’s supplemental proposal for its New York City casino bid includes $5.5 billion for developing the site, an additional $2 billion for community benefits. The proposal, submitted on Wednesday, also includes an extra $100 million for its license – apparently for good measure.
A tale of two city casinos
Casino companies lined up to get one of New York City’s coveted three casino licenses. But with the deadline looming, one frontrunner pulled out, while the other has now doubled down.
Both MGM Resorts and Resorts World received unanimous approval by the city’s Community Advisory Committee in September. Both appeared to be on the fast track for two of the three NYC casino licenses up for bid. At the last minute, however, MGM Resorts withdrew from the race.
On Tuesday, MGM announced it would no longer pursue expansion of its Yonkers racino. The sticking point, according to MGM’s statement, was its inability to secure a 30-year commercial license. The state indicated that MGM would only qualify for a 15-year license.
Meanwhile, Resorts World is going all-in for a NYC casino license. Along with its previously disclosed $5.5-billion casino proposal, the company is looking to spend an additional $2 billion in community projects, including a $750 million workforce housing initiative.
Of the competing proposals, Resorts World is projecting the most slot machines (6,000), the most restaurants (30), the most hotel rooms (1,963), and the most gaming positions (10,800).
“This is more than a bid – it’s a promise kept to the people of New York,” said Robert DeSalvio, president of Genting Americas East. “No other project will come online faster, generate more financial impact, create more jobs or send more revenue to the state’s education fund, the MTA and local communities than Resorts World New York City.”
Resorts World estimates that it will open its doors on June 29, 2026 – years before its competitors’ proposals. As a result, the company estimates generating up to $4 billion in gross gaming revenue by 2031.
Next steps
There are three contenders left and three NYC casino licenses to grant. After MGM’s withdrawal, that leaves Resorts World, Hard Rock, and Bally’s vying for licenses. But there are no guarantees for the remaining contenders. Although, the New York State Gaming Facility Licensing Board has three licenses to grant, it does not have to grant them all at once.
Resorts World is looking more and more like a lock. Meanwhile, Bally’s is the biggest question mark. Bally’s already has two high visibility projects in the works. Last month, Bally’s presented a proposal to build a 56,000 square-foot casino in Las Vegas, adjacent to the proposed MLB baseball stadium. Meanwhile, Bally’s is battling its lenders over funding of its proposed Chicago casino. Bally’s debt is already rated “junk.” So, financing could be a roadblock for Bally’s NYC aspirations.
The only potential issue with Hard Rock’s Metropolitan Park is that, like Resorts World, it too is planning a casino in Queens. Then again, Las Vegas casinos have found a way to thrive with competition in close proximity. So, location may be less of an issue for the licensing board.
