New York City’s Resorts World Celebrates $400 Million Hyatt Regency Opening

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New York City’s only casino became a bit bigger on Friday when the Big Apple’s state-of-art resort opened in Queens. Hyatt Corporation and Genting Group members joined local leaders for a ribbon-cutting ceremony on the $400 million Hyatt Regency JFK Airport at Resort World New York.

The eight-story resort contains 400 rooms, including 34 apartments, and other amenities such as Factory café. The hallway linking the hotel to the casino is big enough to hold shows and events such as musical performances.

Bob DeSalvio, Genting Americas East President, said that launching the first-class hotel was a great way to celebrate Resort World’s 10th anniversary in New York. He further added that it is timely as the city continues to recover from the COVID-19 pandemic.

In a statement, DeSalvio said, “While the hotel has always been part of our vision, today’s ribbon-cutting takes on additional significance as we celebrate the Queens community and do our part to move New York forward.”

Resorts World NYC is on the Aqueduct foundations, a New York Racing Association (NYRA) highborn track. Last year when emergency began, state executives acquired public approval to use the track as an emergency discharge hospital. However, the plan was not executed since the crisis did not need extra space. But the track has been used as a mass vaccination by the state officials.

Resorts World NYC gaming space expansion

The report announcing the Hyatt’s grand opening also indicated that the property has additional gaming areas. Spanning tree floorings, Resorts World NYC now has above 6,500 electronic table game benches and video gaming terminals (VGT).

That includes Nassau Downs OTBs 1,000 games. According to New York State Gaming Commission July’s data, Resorts World registered an average of $56.3 million in net wins off 5,109 machines daily, while the 1,000 Nassau machines recorded $24 million net wins. After payments to central gaming units and vendors that offer games, they combined registered $39 commission.

The commission is subdivided to include allocations for breeders, live racing purses, NYRA capital expenditures, and NYRA operations. The rest goes to the gaming operator. In favor of Resorts World machines, the firm receives 34% of the net win, $19.2 million, while Nassau Downs OTB gets 40%, $9.6 million. Nevertheless, the Gaming Commission records that the OTB’s actual amount depends on a hosting agreement with Resorts World.

Likelihood for more

Genting has now spent more than $1.1 billion with the hotel in expanding Resorts World NYC. That comprises more than $700 million the firm invested in renovating the Aqueduct stage and changing it into a gaming amenity that attracts more than 8 million tourists every year.

There is a possibility for even more venture if the Resorts World ends up reaching one of the three global casino permits waiting to be rolled out by the state in New York and the downtown region.

A full-fledged casino can render live table games and brick-and-mortar betting. Furthermore, the slot machines run differently from the VGTs since a central unit transfers results to the latter machines.

Currently, the state is planning to give downstate permits in 2023. However, this year’s budget proposal included a plan to begin by issuing an information request to seek suggestions and recommendations from interested parties.

RW, Empire City sportsbook favorites

The allocation possibility of the three downstate casinos will favor both Empire City and Resorts World. The current version of the New York Senate 2021-22 budget bill gives the two current slots and e-gaming casinos an advantage.

If passed, the legislation would mandate the New York Gaming Commission to review the three casino proposals. Nevertheless, 10% of the overall grade would be subject to the bidder’s ability to start gaming operation quickly than other candidates. That is in the interest of providing revenue to the state in a quick manner.