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Resorts World New York City regains position as highest-grossing commercial property outside of Nevada

February 22, 2024 World Casino & HotelIndustry Updates

The Resorts World New York City casino, owned by the Genting Group, regained its position as the highest-grossing commercial property in the United States outside of Nevada in 2023.

This data comes from the most current version of the Commercial gambling Revenue Tracker, a report published on Tuesday by the American Gaming Association (AGA) that focuses on American casinos that do not include tribal gambling.

The study states that Resorts World New York City generated over US$900 million in revenues last year, indicating a growth of more than 20% year over year. The complex is operated by Genting Americas and is located around four miles (6.4 kilometers) from John F. Kennedy International Airport.

The Genting Group, which has its headquarters in Malaysia, has interests in several casinos, including Resorts World Hudson Valley in upstate New York, Resorts World Las Vegas in Nevada, and Resorts World Catskills in upstate New York, which is managed by Empire Resorts Inc.

In addition, Genting operates additional casinos in the Bahamas, Egypt, and the United Kingdom in addition to Resorts World Sentosa in Singapore and Resorts World Genting in Malaysia.

Up to three downstate full-casino licenses are anticipated to be granted in New York in the next years. According to a recent document from S&P Global Ratings, bidders for these licenses are anticipated to offer project sizes ranging from US$2 billion for expansions or redevelopments of existing properties to more than US$5 billion for new constructions, which may have an impact on investment firms’ debt.

MGM National Harbor, run by MGM Resorts International, is the second-highest revenue-generating non-Nevada commercial casino in the United States, bringing in over $800 million annually with an annual growth rate over 15%, according to the AGA Commercial Gaming Revenue Tracker. Third place went to Encore Boston Harbor, which is run by Wynn Resorts Ltd. Its revenues exceeded US$700 million, and its yearly growth rate exceeded 15%.

According to the AGA report, eleven of the top twenty highest-grossing commercial casinos outside of Nevada and Mississippi saw a rise in their total land-based gaming revenue from 2022 to 2023, mostly from slot machines, table games, and retail sports betting. Additionally, the paper states that in 2023, commercial income in the US reached a record high of US$66.52 billion.

Original story by: GGRAsia

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