Resorts World New York City has submitted its supplemental application to the New York State Gaming Facility Location Board, which required applicants to submit material such as projected tax revenue before the Oct. 14 deadline.
In major news, MGM Resorts announced that it was withdrawing its application to expand its Empire City “racino” in Yonkers ahead of the deadline, leaving just three bids competing for up to three commercial casino licenses.
Resorts World, which has operated a racino in South Ozone Park for the last 15 years, offering electronic gambling machines but no live table games, has long been considered one of the frontrunners to receive one of the three downstate gaming licenses on offer.
The Resorts World team submitted supplemental materials ahead of Tuesday’s deadline, which required applicants to submit material such as projected tax rates on gaming revenue, revenue estimates based on three different licensing scenarios, and anticipated state and city tax revenue for each scenario.
According to material filed with the state, Resorts World has estimated that it will generate up to $18.8 billion in state and local tax payments for the initial ten years of operations at the entire resort if it is awarded a license by the state this December.
It has also argued that it would generate the most gaming revenue out of any of the remaining bids, regardless of how many licenses are awarded at the end of the year.
Resorts World expects to open the first phase of its casino by the summer of 2026 if it receives one of the three casino licenses on offer and said it would generate $11 billion in gross gaming revenue within the first five years of licensure, resulting in roughly $5 billion of casino-based tax revenue by 2031.
It has also pledged $600 million to its license fee, $100 million more than the fee required by the state.
Resorts World has outlined a whopping $5.5 billion proposal to transform the existing racino into a sprawling 5.6 million square-foot development that the gaming company says will create thousands of jobs, generate expansive public amenities and deliver new, inclusive growth for southeast Queens. It has also pledged a further $2 billion in community benefits.
The new integrated resort would see Resorts World’s current workforce expand from 1,000 existing employees to 5,000 permanent jobs across gaming, hospitality, food and beverage, security, maintenance and other fields.
Resorts World has stated that more than half of the new hires would come from Queens alone, with all workers due to begin work within the first six months of commercial casino operations.
The project would also create an estimated 5,000 union construction jobs to help build out the integrated resort, which will feature a 500,000 square-foot gaming floor comprising more than 6,000 slot machines and 800 table games. The resort would additionally feature 2,000 hotel rooms, a 7,000-seat entertainment venue, over 30 food and beverage outlets and more than 7,000 parking spaces.
Resorts World cited an updated economic analysis stating that the project would create 100,000 construction, permanent, indirect and induced jobs as it transforms the current facility into the integrated complex.
The complex would also feature large-scale meeting spaces, 3,000 units of workforce housing, enhanced public transit connections, a STEAM school and more than 10 acres of community greenspace.
Robert DeSalvio, president of Genting Americas East, the entity overseeing the Resorts World development, said Tuesday’s supplemental application offers proof that Resorts World would keep its promises to the South Ozone Park community.
“No other project will come online faster, generate more financial impact, create more jobs or send more revenue to the state’s education fund, the MTA and local communities than Resorts World New York City,” DeSalvio said in a statement.
Queens Borough President Donovan Richards said the Resorts World bid would transform Queens into a global destination.
“The jobs, economic opportunity, and amenities in this proposal will change families for generations to come, faster and at a larger scale than anyone else,” Richards said in a statement.
Resorts World was one of four projects to receive approval from Community Advisory Committees (CAC) last month, with fellow Queens project Metropolitan Park and a Bally’s project in the Bronx also receiving CAC approval. MGM’s Empire City also received CAC approval, but its surprise withdrawal on Tuesday has left just three projects competing for up to three downstate licenses.
MGM stated Tuesday that changing economic and competitive conditions had rendered the project no longer viable. MGM further pointed to a reduction in the expected license term from 30 years to 15 years, stating that it would alter returns on its planned $2.3 billion investment.
