Genting Group has begun the second phase of its US$5.5 billion expansion of Resorts World New York City. This is yet another milestone in its push to build one of the largest integrated casino resorts in the United States.
The Malaysian conglomerate, controlled by billionaire Lim Kok Thay, officially broke ground on the new phase of the project on Wednesday. The expansion comes months after Resorts World New York City secured one of New York City’s three gaming licenses in December, paving the way for a full-scale casino resort.
New hotels, arena and entertainment hub
The second phase will significantly transform the 72-acre Queens property. It will add a 400-room hotel tower to the existing 400-room Hyatt Regency, alongside a 1,200-room Crockfords Hotel.
The development will also feature a 7000 seat multipurpose arena and a sports and media center named after Queens-born NBA legend Kenny “The Jet” Smith, according to a press release issued during the groundbreaking ceremony.
The first phase of the expansion was completed in April with the opening of two floors of live table games and commercial casino slot machines, making Resorts World New York City the city’s first full-fledged casino, according to the New York Post.
Early success encouraged quick expansion
The casino has recorded a strong start since launching its expanded gaming operations.
According to the company, Resorts World New York City has paid $170 million in casino taxes during its first 12 weeks of operations, making it the largest casino in the United States by gross gaming revenue.
Earlier this week, the resort also expanded its gaming floor by adding 1,400 slot machines, taking the total number of machines to 3,900.
“In less than three months after opening our doors as the first casino in New York City’s history, we are already moving towards a day when the city will have a first-of-its-kind integrated resort,” Lim, Genting Group’s executive chairman, said in the press release.
Thousands of jobs and billions in revenue
Once completed, the Las Vegas-style integrated resort is expected to create around 10,000 jobs, including approximately 5,000 union construction positions. The project will add nearly 2 million square feet (185,800 square metres) of gaming, entertainment, dining, retail and convention space to the existing one-million-square-foot property. The completed resort is projected to generate $2.2 billion in annual revenue.
From Queens to a global gaming empire
Genting has operated in Southeast Queens for the past 15 years, drawing around 5 million visitors annually while employing about 2,500 people. Beyond New York, the group has casino and hospitality operations in Malaysia, Singapore and the Bahamas.
The company’s story began with Lim Goh Tong, who migrated from China to Malaysia in the 1930s with no money or formal education. He went on to build the Genting Highlands resort, a mountaintop casino destination about 55 kilometres north of Kuala Lumpur.
His son, Lim Kok Thay, has led Genting’s international expansion while diversifying the business into sectors including energy, property and biotechnology. Forbes currently estimates Lim’s net worth at $1.6 billion, making him one of Malaysia’s richest people.
