The Lucrative Business of Trendy Restaurant Reservations

The Polo Bar, Torrisi, Via Carota, Caviar Kaspia, and most notably Carbone—these are the restaurants dominating the conversations of New York’s wealthy and fashionable crowd. You might assume the talk revolves around the best dishes on the menu, the ambiance, or perhaps the star chef. But in reality, it’s a mix of surprise and envy: “How did you manage to get a reservation?” Securing a table at the city’s trendiest spots has become so challenging since the pandemic that it requires strategy, persistence, and most importantly—money. Even among the elite, dining at these establishments is now a demonstration of social power and financial clout. Reservations have become a currency in their own right.

Gone are the days of phone reservations. Most restaurants now release their booking slots 30 days in advance exclusively through apps like Resy or OpenTable. In the past, waiting (sometimes months) would guarantee a highly sought-after table, but today, it's almost impossible to secure one through these platforms. Take Carbone, for example. The restaurant releases reservations via Resy precisely at 10 a.m., 30 days ahead. By 10:01 a.m., everything is booked—unless you’re willing to dine at 5 p.m. or 11 p.m. The well-connected may get lucky through a chef, maître d'hotel, concierge, or a Black credit card.

Otherwise, you’re left relying on Resy’s Notify feature, which sends an alert when a table becomes available. But this is essentially giving up hope, as the playing field is anything but even. Since Resy was acquired by American Express in 2019, the app favors its best customers. In 2021, Amex launched its Global Dining Access program, allowing premium cardholders to enjoy exclusive reservations, priority notifications, and last-minute table options on Resy.

Without an Amex Card? In the epicenter of capitalism, there’s always a solution for those willing to open their wallets. After all, it’s a matter of supply and demand. This has given rise to new platforms like Appointment Trader, ResX, and SevenRooms, where reservations are bought and sold like concert tickets. A true secondary market, this has further widened the gap between those who can and can’t secure a booking. Founded by a software developer, Appointment Trader—despite its 1990s-era website—generated six million dollars in revenue in 2023. The site doesn’t sell reservations itself but facilitates transactions between users.