Resorts World New York City opened its doors on Tuesday as the first full-scale casino in New York City featuring live table games, marking a significant milestone in the state’s gambling landscape. Owned by Genting, the casino secured one of three coveted licenses after a decade-long wait since voters approved gambling expansion in 2013. Its strategic location near JFK Airport and the Aqueduct Racetrack positions it to attract both locals and tourists.
The launch is poised to impact the financial markets significantly, with the potential to generate substantial tax revenue for the state—estimated at $7 billion over the next decade. The casino’s operations, which include table games and an upcoming sportsbook, are expected to create over 1,700 jobs, enhancing local economic activity. Furthermore, the high tax rates on gaming revenue could influence the competitive landscape as other casinos, including those from Hard Rock and Bally’s, prepare to enter the market.
For market professionals, the opening of Resorts World signals a transformative shift in New York’s entertainment and gaming sector, presenting investment opportunities and potential revenue streams as other operators look to establish their presence in the region.
Source: cnbc.com