How Resorts World New York City’s Casino License is Driving the Construction of 50,000 Affordable Housing Units

As part of its commitment to social responsibility following the acquisition of its casino license, Resorts World New York City has made a significant pledge to assist in the construction of up to 50,000 affordable housing units across the five boroughs. This initiative demonstrates how the revenue and influence generated by a professional casino license can be leveraged to aid local communities and combat the ongoing housing crisis.

Key Highlights

Commitment to Affordable Housing: Resorts World has joined a fund aimed at building these housing units.
Full-Scale Casino License: The company is actively seeking a full-scale New York City casino license.
Partnership with Cirrus: Its collaboration with Cirrus Real Estate Partners focuses on using union labor to develop workforce housing on public lands.

Understanding the Initiative

Resorts World New York City, in conjunction with Cirrus Real Estate Partners, aims to tackle the housing affordability challenges faced by average New Yorkers. As part of the Cirrus Workforce Housing Fund, which was initially capitalized with more than $100 million, the initiative will eventually seek an additional $400 million in investment to kickstart construction.

Resorts World New York City Cirrus workforce — Members of organized labor and representatives from Resorts World New York City celebrate the signing onto the affordable housing initiative. (Image: Resorts World New York City)

Addressing the Housing Crisis

Kevin Jones, chief legal and chief strategy officer at Genting Americas (the parent company of Resorts World NYC), emphasized the urgency in addressing the housing crisis many everyday New Yorkers face: “Our partnership with Cirrus, labor pension funds, and contractors will ensure fair housing is available across the five boroughs.”

This initiative is not just about building new homes but aims to provide sufficient housing for those who shape the city’s workforce, including many Resorts World employees who commute long distances due to inadequate local housing.

Distinct from Casino Development

The housing initiative is independent of any potential casino operations at Resorts World. While they are pursuing one of the three full-scale gaming concessions available, their commitment to affordable housing remains steadfast regardless of whether a license is granted.

Currently, Resorts World only offers video lottery terminals and electronic table games. A full gaming license would enable them to expand their offerings, including the opening of a sportsbook.

Why Resorts World is a Frontrunner

Analysts suggest that Resorts World is well-positioned to earn one of the coveted casino licenses due to its long-standing partnership with the city of New York and Queens. Should they receive a gaming license, Genting Americas has stated plans to invest up to $5 billion for a significant expansion of the venue.

This would encompass the addition of 1,600 hotel rooms, a substantial 350,000-square-foot casino floor, a 7,000-seat entertainment venue, and 350,000 square feet for meetings and conventions, alongside a commitment of 50 acres of public greenspace and 3,000 additional homes.

Conclusion

In closing, Resorts World New York City not only demonstrates a commitment to enhancing its gaming and hospitality offerings but also prioritizes social responsibility by directly addressing the affordable housing crisis faced by New Yorkers. As they work towards these dual objectives, the potential to reshape both the housing and entertainment landscape in the city is evident.