First Vegas-style casino opens in New York City

Summary

Robert DeSalvio, President of Genting Americas East, discusses the opening of Resorts World New York City, the first full-scale casino in New York City with live table games. He highlights the rapid 4-month construction, first-mover advantage, and the plan to develop a 2,000-room hotel and entertainment complex. DeSalvio also addresses the high tax rate, a most-favored-nations clause, and the under-penetrated New York market, while downplaying the impact on Atlantic City and tribal casinos.

• Resorts World NYC opens as the first Vegas-style casino with live table games in New York City.
• The casino was built in 4 months after receiving its license in December.
• DeSalvio expects to more than double the property's previous $1 billion annual slot revenue.
• A 2,000-room hotel and 7,000-seat entertainment venue are planned over the next 3-4 years.
• The casino has a first-mover advantage as other NYC casino licenses are years away.
• Genting offered a higher tax rate in its bid but included a most-favored-nations clause.
• DeSalvio believes the New York market is underserved and will not significantly hurt Atlantic City or Connecticut tribal casinos.
• The casino benefits from its location near JFK Airport, attracting international visitors especially ahead of the World Cup.