Casinos in New York experience a 2.2% decrease in revenue year over year in June, following a record-setting month in May.
Grant Mitchell, a veteran of the gambling industry and an industry news expert, has shared his insights on the anticipated revenues for the three new casino operators set to debut in New York City.
Known for his high standards and persistence, Grant Mitchell has a wealth of experience in casinos, sports betting, and iGaming. He is also a long-distance runner, a testament to his ability to stay focused and determined.
According to Grant Mitchell's reports, the projected revenues for these new casinos are quite impressive. The Freedom Plaza project in Manhattan is estimated to generate approximately $2.2 billion in its first year, rising to $4.2 billion by its tenth year. Steve Cohen's project near Citi Field in Queens is forecasted to produce around $3.9 billion by its third year of operation. Resorts World, while the location is yet to be specified, is projected to achieve annual revenues of $2.2 billion by 2027.
These figures, derived from executive summaries submitted to the New York State Gaming Facility Location Board, reflect the bidders' or their consultants' high expectations. If realised, these casinos would rank among the most lucrative globally. However, it's important to note that historic cases show that casinos have not always met their revenue projections.
Here's a summary of the projected revenues:
| Casino Project | Location | Expected Annual Revenue | Timeframe | |------------------------------|-----------------|---------------------------------|----------------------------| | Freedom Plaza | Manhattan | $2.2 billion (year 1), rising to $4.2 billion | Year 1, rising to year 10 | | Steve Cohen's Citi Field | Queens | $3.9 billion | By year 3 | | Resorts World | Not specified | $2.2 billion | By 2027 |
These projections, which date back to 2025, indicate optimistic growth expectations for New York City’s new casino market. Estimates predict that the newly licensed casinos could generate annual revenues between $1 billion and $2.5 billion.
In addition to covering these projections, Grant Mitchell provides comprehensive coverage of legislative news, financial updates, and general industry trends. New York officials aim to license these three new operators by the end of the current year. As we await the opening of these casinos, the anticipation continues to build.
- Grant Mitchell, despite his focus on the upcoming New York City casinos' projected revenues, also delves into other aspects of the gambling industry, including sports betting, slot machines, and online casino financials, due to his extensive experience in these areas.
- With New York City preparing to welcome three new casino operators towards the end of this year, Grant Mitchell predicts that these establishments, not restricted to traditional casino games like poker or blackjack, will potentially offer sports betting, slot machines, and online casino services, given their envisioned revenues.
