KUALA LUMPUR (Dec 2): Genting Malaysia Bhd (KL:GENM), now over 70% controlled by Genting Bhd (KL:GENTING), has been selected for one of the three prized casino licences in New York.
According to a Bursa Malaysia filing, its subsidiary, Genting New York LLC, has been chosen by the New York Gaming Facility Location Board to advance to the final licensing review stage with the New York State Gaming Commission.
The board is anticipated to finalise and announce the issuance of licences by Dec 31, 2025.
Apart from Genting Malaysia’s Resorts World New York City, two other proposals were also picked for licences: Bally Corporation and Queens Future LLC, a joint venture between Steve Cohen, the owner of major baseball team New York Mets, and Hard Rock International.
“Applicants made ambitious commitments to workforce diversity, community investment, and local, unionised hiring,” the board said in a statement, stressing the need for the bidders to fully deliver on their commitments.
Resorts World likely only full-service casino in coming years
In the near term, Genting Malaysia’s Resort World will be the only full-service casino operational in New York City, as the other winners’ greenfield projects will only open their doors to gamblers around 2030.
Resort World New York City are now offering mostly slot machines and electronic table games, and the licence will allow Resort World New York City to expand and deploy live table games as soon as June 2026.
The exclusive casino position in New York City until 2030 will provide stronger earnings and cash flows, significantly easing funding gap for the expansion and concerns over dilution from cash call, Kenanga Investment Bank said in a note.
In a separate note, Maybank Investment Bank said Genting Malaysia has struck “gold” with the licence, estimating that net profit generated from the expanded Resort World New York City could reach a whopping RM1.93 billion in 2030.
Genting Malaysia submitted its proposal on June 27, outlining a US$5.5 billion (RM23.19 billion) plan to convert Resort World New York City from a racino that combines horse racing track and slot machines into an integrated resort with expanded gaming floors and extensive non-gaming facilities.
The proposal includes a 500,000 square-feet 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 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.