Resorts World NYC Six-Month Results Show Static GGR Despite Significant Floor Expansion

Resorts World NYC has posted its first six months of performance data as a full commercial casino in downstate New York. The operator is averaging $30 million in weekly gross gaming revenue, with figures ranging from $27 million to $32 million from early May through early November, according to New York State Gaming Commission data.

New York State Gaming Commission data indicate the property expanded from 2,500 slots and 240 tables at opening to nearly 4,000 slots and 350 tables. Plans target as many as 6,000 slots and 800 tables, though the licensing application specified 4,635 slots and 534 tables. Average slot win per unit per day has declined from $1,505 in the first week to around $700. Promotional credits have increased from $700,000 weekly to over $1.7 million. Slot GGR has stayed within $19 million to $22 million per week.

Table GGR has shown no material increase with the added units. One October week produced $12.2 million from 242 tables. The following two weeks, with 301 and 345 tables, each generated below $10.5 million.

Projections Face Scrutiny Over Current Trajectory

Resorts World projected annual GGR of $2.7 billion to $3 billion by 2031. The Gaming Facility Location Board stated these figures significantly exceeded other bids and the state's internal analysis, primarily due to assumptions on tourism and high-end play. With a current pace of about $1.5 billion in annual GGR. The operator committed to tax rates of 56 percent on slots and 30 percent on tables. Bally’s committed to 30% and 10% and Metropolitan Park committed to 25% and 10%. Both rival projects are projected to open in 2030.

State officials noted the $5.5 billion expansion and renovation relies heavily on future operating cash flow and debt financing. Performance below projections or inability to secure additional debt could produce funding shortfalls requiring further capital support from the parent, an affiliate, or third parties.

Racing Levy Dispute Remains Unresolved

Governor Kathy Hochul's administration interprets the 56 percent slot levy as separate from horse racing purse obligations of $150 million or more per year. Resorts World argues its bid incorporated the racing levy. The added costs would push the effective rate above 70 percent, which the operator described as untenable from a business and lending standpoint. Lawmakers passed a summer stop-gap measure to maintain racing industry payments while punting on final resolution. The issue stood unresolved as of early September.

The property occupies the Aqueduct Racetrack site, which closed in June. It sponsored the Resorts World Ballerina Stakes at Saratoga in August, won by Ways and Means. That horse later captured the Breeders Cup Fillies and Mares Sprint on 31 October. Belmont Park, reopened after a $550 million renovation, will host a fall meet with $17.7 million in total purses including the $1 million Jockey Club Gold Cup before the 2027 Breeders Cup.