Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
Read Full BioResorts World New York City (RWNYC) has pledged $2.5 billion to the Metropolitan Transportation Authority (MTA) over the next four years, a move widely viewed as an attempt to strengthen its bid for one of three available downstate New York casino licenses.
In a press release, RWNYC states that the $2.5 billion would exceed the MTA’s budget of $1.8 billion for the three casino license fees and tax payments from 2026 to 2029. The company said the projected total includes $600 million in upfront license fees and $1.9 billion in tax payments.
“This is not just a casino expansion. It’s a transformative economic development project that will keep New York City moving in every way,” said Robert DeSalvio, President of Genting Americas East, which operates the Queens property.
The company emphasizes that its forecasts are achievable as the casino could begin operations as early as March 2026 if it’s selected.
Currently, the state’s Gaming Facility Location Board is reviewing the remaining bids. It expects to make its recommendations by December 1. The New York State Gaming Commission (NYSGC) will issue licenses by December 31, though delays remain possible.
Bid to Sweeten the Deal
Genting’s MTA pledge follows its supplemental application submitted in October. Then, the company outlined a $7.5 billion investment. That includes the initial $5.5 billion for development and $2 billion in community benefits, with a proposed opening by mid-2026.
With the supplemental application, RWNYC also pledged a $600 million licensing fee, $100 million more than the state’s requirement.
RWNYC already operates a racino at Aqueduct Racetrack, giving it a built-in advantage over the other two finalists, Bally’s Bronx and Metropolitan Park.
The plan to convert the property into a full-scale casino makes it the fastest project to market. Genting has leaned on that argument throughout the process.
With the MTA funding announcement, the company also highlighted that, following MGM’s withdrawal from the license process, its property will be the only operating casino to contribute tax revenue until 2030.
Since 2011, RWNYC claims to have contributed more than $4.5 billion to New York’s public education system and $2 billion to the state’s horse-racing industry. The new commitments are framed as an expansion of that legacy.
Analysts Call it the Frontrunner — Regulators Disagree
Investment analysts have echoed optimism about Genting’s chances. A recent Maybank Investment Bank note described the three remaining casino bids as “virtually assured” of approval. However, analyst Samuel Yin Shao Yang named RWNYC as the favorite.
He cited RWNYC’s speed to market, minimized execution risk, and high upfront contributions as key factors that may appeal to regulators.
However, in an August speech, NYSGC Chair Brian O’Dwyer pushed back on the idea that any applicant is a frontrunner. He said that each bid will be assessed on its “merits.” He also stressed that the casino licensing process will be “fair, transparent, competitive, and deliberative.”
O’Dwyer also warned that the state will heavily factor in violations in other jurisdictions. That includes anti-money laundering (AML) compliance in its licensing decisions. That could pose a challenge for Genting. Earlier this year, Nevada fined Resorts World Las Vegas for AML failures. Notably, the fine was the second-largest in the state’s history.
Political & Public-Finance Pressure
RWNYC’s MTA funding pledge plays directly into one of New York’s fiscal challenges: the agency’s budget shortfall.
According to the MTA’s July 2025 Financial Plan, the agency remains balanced through 2026. However, it projects deficits of $345 million in 2027, $354 million in 2028, and $428 million in 2029. The forecasts assume the MTA begins receiving $500 million annually in casino license revenue starting in 2026. That assumption depends on the timely awarding of the licenses.
The New York State Comptroller’s Office echoed these concerns in its October 2025 outlook. It noted that “delays, reductions or loss of those two revenue sources”—including casino-related receipts—could open an $800 million budget gap as early as 2026.
In this context, Resorts World New York City’s projected $2.5 billion contribution to the MTA over four years assumes significant political weight. The company stated that the total would surpass the $1.8 billion already budgeted for casino-related fees and taxes during the 2026–29 period, underscoring what it describes as an “immediate fiscal impact.”
State Senator Joseph P. Addabbo Jr., chair of the Senate Racing, Gaming and Wagering Committee, has urged regulators to move quickly on licensing.
Speaking to Bloomberg in mid-October, he said the state should move swiftly to award the licenses so the benefits could arrive as soon as possible.
Addabbo has also said that New York continues to lose about a billion dollars annually to out-of-state and unregulated online gambling. He’s linked that argument to his broader push for gaming expansion.
He has suggested that completing the downstate casino phase could open the door for future discussions on online casino legislation. Addabbo believes iGaming could further help close budget gaps.
