New York – Global law firm Hogan Lovells is advising Resorts World New York City (RWNYC) as the state’s Gaming Commission grants final approval for a historic casino license. This landmark decision paves the way for the first-ever casino to operate in New York City.
RWNYC’s updated economic analysis and numbers outline jobs, revenue, and immediate economic impact:
- Between spending US$5.5 billion developing the site and US$2 billion on community benefits, RWNYC is spending US$7.5 billion on and around the project
- State and local tax payments for the initial 10 years of operations will total up to US$18.8 billion
- RWNYC will create more than 100,000 construction, permanent, indirect and induced jobs, as it realizes the proposed 5.6-million-square-foot integrated resort
- The development will include 500,000-square-foot casino hosting 10,800 gaming positions, a 7,000-seat entertainment venue, 30 new dining options, day clubs and spas, and more than 12 acres of greenspace, as well as US$2 billion in community investments
“Securing this license marks a transformative moment for New York City. Resorts World’s vision for an integrated resort in Queens creates a destination that drives economic activity, jobs, and community investment,” said real estate partner Ross Moskowitz.
The Hogan Lovells New York-based real estate team was led by partners Ross Moskowitz, Trevor Adler, and Karen Scanna, counsel John Egnatios-Beene, and associate Brandon Hamroff.
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