Genting Malaysia “virtually assured” of New York casino licence, analysts say

Maybank is bullish on Genting Malaysia’s prospects.

Malaysia.- Genting Malaysia appears to be on the verge of a landmark expansion in the United States. Maybank Investment Bank says the group is “virtually assured” of securing one of New York’s downstate casino licences.

New York State is expected to award up to three full-scale commercial casino licences by the end of 2025. With only three qualified bidders remaining, market observers believe the state will grant all licences to maximise upfront revenue, potentially collecting over US$1.5bn in fees.

Genting’s Resorts World New York City (RWNYC) in Queens has been operating since 2011 as a video lottery terminal facility. If granted a licennce, it would make the transition to a full casino, adding table games and a major expansion of its resort complex.

According to Maybank, RWNYC’s proposal stands out for its speed, scale, and fiscal contribution. The operator plans to launch a permanent casino just six months after licensing, with 4,000 slot machines and 250 tables, eventually expanding to 6,000 machines and 800 tables by 2029. The US$600m fee pledged by Genting is the highest among bidders, complemented by the steepest proposed tax rates and the largest gaming floor.

Industry analysts estimate that New York’s downstate market could generate US$6.5bn in gross gaming revenue (GGR) by 2031, positioning it as the second-largest casino market in the United States after Las Vegas. RWNYC is projected to capture about 42 per cent of GGR, or roughly US$2.7bn.

Maybank forecasts that this could lift Genting Malaysia’s net profit to MYR1.93bn (US$455m) by 2030, substantially above earlier estimates. Analysts added that RWNYC’s expansion would add MYR0.47 per share (US$0.11) to the company’s equity value, with further upside potential depending on tax rates and asset optimisation. “The RWNYC expansion represents a step-change for Genting Malaysia’s earnings,” the report concluded. “We see the group on the cusp of becoming a major player in the U.S. gaming landscape.”

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Maybank is bullish on Genting Malaysia’s prospects. Malaysia.- Genting Malaysia appears to be on the verge of a landmark expansion in the United States. Maybank Investment Bank says the group…