KUALA LUMPUR (Dec 1): The fate of Genting Malaysia Bhd’s (KL:GENM) ambitious casino bid in New York will be decided on Monday.

The New York Gaming Facility Location Board is expected to announce its selections for one of three coveted downstate commercial casino licences later in the day, ending a multi-year contest that originally drew eight contenders. 

This significant ruling arrives as the firm's parent company, Genting Bhd (KL:GENTING), moves forward with a RM6.7 billion proposal to take the company private. 

Genting Malaysia is bidding through its wholly owned subsidiary Genting New York LLC, which operates Resorts World New York City (RWNYC), a racino at Aqueduct Racetrack that has been running for over a decade.

The group submitted its formal proposal on June 27, outlining a US$5.5 billion (RM23.19 billion) plan to convert RWNYC from a racino into a full-scale integrated resort with table games, expanded gaming floors and extensive non-gaming facilities.

Its proposal includes a 500,000 sq ft gaming floor, 6,000 slot machines, 800 table games, 2,000 hotel rooms, a 7,000-seat entertainment venue, more than 30 food and beverage (F&B) outlets, large meeting spaces, and over 10 acres of greenspace.

The Malaysian casino operator has told US regulators that it can begin table-game and full-casino slot machine operations within six months of receiving the licence, and projected that the new casino could deliver tax revenue for the state as early as July 2026.

The board has targeted Dec 31, 2025 for licence issuance.

Meanwhile, controlling shareholder Genting's takeover offer, priced at RM2.35 per share, closes at 5pm on Monday, following an extension from the earlier Nov 24 deadline.

The offer has already turned unconditional, after Genting and parties acting in concert crossed the 50% threshold on Nov 3. When the offer was launched on Oct 13, Genting held a 49.36% stake. 

As of last Friday (Nov 28), Bursa Malaysia filings show Genting had raised its direct interest to 64.1% through market purchases and takeover acceptances.

Some research houses argued that the RM2.35 offer undervalues Genting Malaysia, given potential upside from the New York bid, as well as latent value in its Miami land and possible asset disposals.

Others highlighted rising operating costs, Empire Resorts’ prolonged losses and the heavy capex required for the New York expansion as reasons for shareholders to consider exiting.

Genting Malaysia’s net borrowings have more than tripled in the past five years, and analysts expect Empire Resorts to remain loss-making for several more years.

Genting Malaysia opened RM2.35 unchanged from its last closing price on Monday, valuing the group at RM14 billion.

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