Resorts World breaks ground on Queens casino expansion as rivals face delays

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Summary · why it matters

Resorts World New York City has broken ground on phase two of its multibillion-dollar expansion at Aqueduct in Queens, adding a 400-room hotel tower and a concert arena as part of a broader $5.5 billion integrated resort plan. The Genting Group-operated property is currently the only full-scale casino in New York City, giving it a multi-year head start over competitors. The New York State Gaming Commission approved three other locations in December, including a Bally's site in the Bronx and a casino near Citi Field backed by Mets owner Steve Cohen, but those ground-up projects are not expected to open until 2030. Wynn Resorts and MGM Resorts both withdrew from the New York City casino license bidding process, while Caesars Entertainment's Times Square project was voted down last September.

Impact on stocks 4

Consumer Discretionary▼ · 4 stocks
Bally's Corp
BALY
▼ NegativeCompetitionrelevance

Resorts World's expansion gives it a multi-year head start over Bally's, whose Bronx casino is not expected until 2030.

MGM Resorts International
MGM
▼ NegativeCompetitionrelevance

MGM withdrew from NYC casino bidding, losing opportunity while Resorts World expands.

Wynn Resorts Limited
WYNN
▼ NegativeCompetitionrelevance

Wynn withdrew from NYC casino bidding, losing opportunity while Resorts World expands.

Off-coverage companies 1

Genting GroupPrivate▲ Positive
Capitalrelevance

Genting broke ground on a $5.5 billion expansion, gaining a multi-year head start over rivals.

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