Downstate New York’s three planned casinos could generate up to $5.6 billion annually, says CBRE
Summary
CBRE Institutional Research estimates that three full-scale casinos planned for downstate New York could produce up to $5.6 billion in annual gross gaming revenue in a high-growth scenario. The firm’s base case forecasts about $4.7 billion once developments mature after 2031, with a downside of roughly $4.1 billion. If realised, the market would rank second in the US after the Las Vegas Strip.
Developers confirmed for the licences include Genting Malaysia (expanding Resorts World New York City in Queens), Bally’s Corp and a Mets owner / Hard Rock International partnership for projects in the Bronx and Metropolitan Park. Genting plans a c. $5 billion investment and expects table games by mid-2026, while full maturity across projects is expected after 2031.
Key Points
- High-growth scenario: up to $5.6bn annual gross gaming revenue across three downstate casinos.
- Base case: c. $4.7bn annually at maturity (post-2031); downside ~ $4.1bn.
- Major operators: Genting (Resorts World NYC expansion), Bally’s, and Steve Cohen + Hard Rock partnership.
- Scale: hundreds of table games and about 8,000 new slot machines planned; gaming to be ~70–72% of resort revenue.
- Non-gaming revenue (hotels, F&B, retail, entertainment) could exceed $1bn combined.
- 3,470 hotel rooms planned — positioned to support casino visitation rather than compete with NYC hospitality.
- Location benefits: dense population, strong transport links and heavy footfall expected to sustain demand; RWNYC has an early advantage with existing infrastructure.
- Tourism tailwind: NYC drew about 65 million visitors in 2025, supporting both local and out-of-town visitation.
Context and relevance
This analysis matters for investors, operators, local governments and urban planners. It suggests downstate New York is underpenetrated for gaming and could support large-scale integrated resorts without oversaturating the market. The projections will influence financing, construction timetables, local economic planning and competitive dynamics with nearby facilities (for example, Empire City in Yonkers).
For the gaming industry, these projects represent a notable push of regional-scale integrated resorts into a major metropolitan market — a trend that can reshape revenue mixes, employment and local tourism economies. The strong reliance on gaming (vs. non-gaming) also signals differences in operator strategy compared with Las Vegas-style resorts.
Why should I read this?
Quick and simple — if you care about gaming markets, property investment or NYC economic shifts, this is the number story you don’t want to miss. It’s got the revenue forecasts, who’s building what, and why locals and tourists matter. Saves you from wading through the full report — here’s the gist in a minute.
Author style
Punchy — the takeaway is big: multi-billion-dollar revenue potential that could make downstate New York one of the country’s top gaming markets. If you’re in the sector, read the detail; if not, skim the key points and move on.