Big Bets, Big Builds: Resorts World Leads NYC Into Its Casino Era

The countdown to New York City's full casino transformation is officially underway, and one operator isn't waiting around.

Resorts World NYC became the first of the three newly licensed downstate casinos to open its doors, launching the first phase of its expanded casino on April 28. The Queens-based venue, which previously operated as a video lottery facility, used its existing footprint to move fast, opening just five months after receiving its license from the New York State Gaming Commission. At the launch party, Genting's executive chairman Lim Kok Thay was joined by rapper and Queens native Nas, who helped champion the casino's license bid.

The head start comes with a price, though. Resorts World currently pays a steep 63% tax on slot revenue and 30% on tables, rates that will drop significantly once Bally's and Hard Rock open their doors, projected for 2030. Still, analysts at CBRE estimate the downstate market could generate up to $5.6 billion annually once all three properties are fully operational.

While Resorts World enjoys its early lead, its rivals are making real progress elsewhere in the country.

Hard Rock International marked a major milestone on May 2, holding a topping-off ceremony for the guitar-shaped hotel tower at its Las Vegas Strip project, built on the former site of the Mirage. The $4–5 billion renovation will include over 650 suites and more than 3,000 rooms total, with a target reopening of late 2027. The property closed entirely in July 2024 to allow for full-scale construction, a costly but necessary call.

Meanwhile, Bally's celebrated its own topping-off on April 30 for its $1.8 billion Chicago casino, attended by company chairman Soo Kim and Chicago Mayor Brandon Johnson. The project has faced its share of setbacks, construction delays, financing hurdles, and contractor controversies, but is now targeting a Q1 2027 opening.

The more immediate concern for Bally's is a legislative one. The company's temporary Chicago casino, which opened in September 2023, is only authorized to operate for three years. Missing the September 9 deadline is a near certainty, and Bally's needs Illinois lawmakers to pass HB 4437 to keep the temporary venue running in the meantime. The bill has been sitting in committee since late March, with the legislative session set to close May 31.

New York City's casino era isn't coming, it's here. Once one of the most restrictive states for commercial gambling in the country, New York is now fast-tracking some of the biggest casino investments in the US.