Downstate New York's three planned casinos could generate up to $5.6 billion annually, says CBRE

The three full-scale casinos planned for downstate New York could together generate more than $5.6 billion in annual gaming revenue under a high-growth scenario, according to an analysis by CBRE Institutional Research, which describes the market as largely underpenetrated and capable of supporting large-scale expansion.

The research places the base case at $4.7 billion in annual gross gaming revenue once all three developments reach maturity after 2031, with downside estimates around $4.1 billion. At those levels, the market would become the second largest in the United States after the Las Vegas Strip, supported by utilization rates expected to match leading gaming destinations.

Licenses for the three projects were confirmed in December by the New York Gaming Facility Location Board. Genting Malaysia will expand Resorts World New York City in Queens, while Bally’s Corp and a partnership between New York Mets owner Steve Cohen and Hard Rock International will develop new integrated resorts in the Bronx and Metropolitan Park, respectively.

Resorts World New York City render

Genting is expected to invest about $5 billion to convert its existing racino into a full-scale integrated resort by 2031, with table games set to begin by mid-2026.

The scale of gaming operations is expected to be among the largest seen in regional markets, with hundreds of table games planned across the three sites and thousands of additional slot machines entering the market. CBRE analysts said the size of these gaming floors would rank among the most extensive in the segment.

“The Downstate New York market is significantly underpenetrated, and there is a strong case for each of the three projects to be among the highest revenue-generating casinos across regional gaming,” CBRE said.

The report expects the market to ramp up within three years of operations, citing existing demand and limited supply despite competition from facilities such as MGM Resorts International’s Empire City Casino in Yonkers, which did not proceed with a full casino license application.

Gaming is projected to remain the primary revenue driver, accounting for roughly 70 to 72% of total resort income. This indicates a different model from Las Vegas, where non-gaming activities generate a larger share of revenue. CBRE said the New York properties are likely to remain heavily reliant on gaming due to higher margins and structural demand patterns.

Bally's Bronx casino render

Non-gaming activities such as hotels, food and beverage, retail, and entertainment are still expected to contribute meaningfully. CBRE estimates that these segments could generate more than $1 billion in combined annual revenue across the three properties, based on a base case gaming estimate of nearly $5 billion.

However, with a total of 3,470 hotel rooms planned, the developments are not expected to compete directly with New York City’s hospitality market and will instead use accommodation primarily to support casino activity.

Location advantages are seen as a key factor in performance expectations. Each property is positioned near densely populated areas with strong transport links and high levels of foot traffic, which are expected to support steady visitation.

Resorts World New York City is identified as having a potential edge due to its existing infrastructure and established customer base. The property is expected to remain operational during its expansion, allowing for continued revenue generation while construction progresses. Its location near two subway stations, including one stop from JFK Airport, and exposure to high daily traffic volumes are also expected to support demand.

“RWNYC should also benefit from having existing casino infrastructure in place and an already established customer base, as the proposed project is an expansion of the existing facility rather than a ground-up development,” CBRE stated.

Render of the proposed Metropolitan Park deveopment

The report also highlights demand drivers, including New York City’s tourism market, which attracted about 65 million visitors in 2025. While out-of-town visitors are expected to contribute to revenue, local demand is still seen as the primary source of gaming activity.

CBRE said population density and strong slot machine performance metrics support expectations for high win-per-day figures, even with the addition of more than 1,000 table games and 8,000 new slot machines. The firm does not expect the market to become oversaturated, citing the volume of potential customers within a reasonable travel radius.

The report also notes that hotel pricing could fluctuate during the early years of operation. Strong initial demand and the novelty of new properties may support higher room rates during the ramp-up period, before stabilizing as operators refine their pricing strategies and better understand market behavior.