Downstate New York Casinos to Generate up to $5.6 Billion
Analysts at CBRE Institutional Research project that the downstate New York casinos could produce between $4.7 billion and $5.6 billion in annual gross gaming revenue by 2031.
Key Takeaways:
- Projected annual gross gaming revenue of $4.7-$5.6 billion by 2031
- Nearly $20 billion in investments from license winners
- Genting’s Resorts World expansion leads with a $5.5 billion integrated resort plan
This would be once table supply and new or expanded integrated resorts are operational. The forecast would make the region “the largest US regional gaming market at maturation,” per Asia Gaming Brief.
The estimate accompanies expectations that the three license winners, Bally’s Corp, Queen’s Future (a Seminole Hard Rock and Steven Cohen joint venture) and Genting New York, will invest nearly $20 billion in construction and redevelopment. It will be funded largely through project-level lending.
Each successful bidder must pay a $500 million license fee and commit at least $500 million in capital improvements, factors that will compress near-term returns but leave projects economically viable over time.
Development Timelines and Scale
Genting’s proposal to expand Resorts World New York City into a roughly $5.5 billion integrated resort is the most advanced. They outline an initial permanent casino opening shortly after licensing and a long-range buildout to 6,000 slots and 800 tables, along with about 2,000 hotel rooms and a 7,000-seat arena.
The company has secured key land-use approvals and presented the plan to community stakeholders. It positions Genting to reach payback earlier than competitors because it can redevelop an existing site rather than build from scratch.
The projects aim to generate substantial jobs and tax revenue while reshaping the New York regional gaming landscape.MGM Resorts withdrew their application for a casino license in October 2025.
