Resorts World New York City Celebrates $400M Hyatt Regency Opening
Posted on: August 8, 2021, 07:01h.
Last updated on: August 10, 2021, 04:55h.
New York City’s only casino got a little larger on Friday. That’s when the Big Apple’s newest hotel opened in Queens. Executives from Genting Group and Hyatt Corporation gathered with local leaders to cut the ribbon on the $400 million Hyatt Regency JFK Airport at Resorts World New York.
The eight-story hotel features 400 rooms, including 34 suites, and other amenities – including a Sugar Factory café. The lobby connecting the hotel to the casino is large enough to hold art exhibits and events like musical performances.
Genting Americas East President Bob DeSalvio said opening the world-class hotel was a perfect way to celebrate Resort World’s 10th anniversary in New York. It’s also timely, he said, as the city continues to re-emerge from the COVID-19 pandemic.
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,” DeSalvio said in a statement.
Resorts World NYC is on the grounds of Aqueduct, a New York Racing Association (NYRA) thoroughbred track. When the emergency began last year, state officials received federal approval to use the track as an emergency overflow hospital. The plan was not implemented, as the crisis did not require additional space. State officials have used the track as a mass vaccination site.
Construction for the Resorts World Hyatt was managed by Plaza Construction, with design work performed by Perkins Eastman.
Hotel Also Expands Resorts World NYC Gaming Area
The release announcing the Hyatt’s grand opening also noted that the facility includes additional gaming areas.
Spanning three floors, Resorts World NYC now features more than 6,500 video gaming terminals (VGT) and electronic table game seats. That includes 1,000 games for Nassau Downs OTBs.
According to New York State Gaming Commission data for July, Resorts World reported $56.3 million in net win off a daily average of 5,109 machines, and the 1,000 Nassau machines reported a net win of $24 million. Out of that $80.3 million, $33.3 million went to the state education fund. After payments to the central gaming systems and vendors that provide games, the combined commission totaled $39 million.
The commission is then broken down to include allocations for live racing purses, breeders, NYRA operations, and NYRA capital expenditures. The remainder goes to the gaming operator. For Resorts World machines, the company gets 34 percent of the net win (or $19.2 million). Nassau Downs OTB gets 40 percent (or $9.6 million). However, the Gaming Commission notes the actual amount the OTB receives is subject to a hosting agreement with Resorts World.
Possibility for More
With the hotel, Genting has now invested more than $1.1 billion in developing Resorts World NYC. That includes more than $700 million the company spent to renovate the Aqueduct grandstand and turn it into a gaming facility that draws more than 8 million visitors annually.
There’s potential for even more investment if Resorts World ends up landing one of the three full-fledged casino licenses the state is waiting to roll out for New York City and the downstate region. Full-fledged casinos can offer live table games and a brick-and-mortar sportsbook. The slot machines also operate differently than the VGTs, as a central system relays outcomes to the latter machines.
Currently, the state plans to award the downstate licenses in 2023. But this year’s budget included a plan to start the process by issuing a request for information to solicit suggestions and recommendations from interested operators.
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