In a significant move for the New York gambling scene, Genting Malaysia is on the brink of obtaining a full casino license for its Resorts World New York City location. Currently operating as a racino, which features only slot machines, the potential expansion to a full-scale casino with table games could elevate its status in the state’s gaming industry. This development positions Genting as a frontrunner among three contenders nearing the approval stage, following endorsement from a state location committee earlier this week.
Resorts World New York City stands out in the race to secure a downstate casino license, primarily due to its long-standing presence and readiness to expand its operations swiftly. With plans to transform into a full-fledged casino boasting 4,000 electronic gaming units and 250 table games, Resorts World aims to commence operations by June 2026, contingent upon license approval. This aggressive timeline places it significantly ahead of competitors like Bally’s and Hard Rock, which do not anticipate launching until the 2030s.
The strategic advantage of Resorts World New York City is drawing the attention of investment analysts who foresee substantial revenue growth. According to Nomura, by 2031, when all three downstate casinos are expected to be fully operational, Resorts World could achieve gross gaming revenue of approximately $2.9 billion, generating operating profits around $400 million. These projections assume the current tax structure remains unchanged and account for modest annual growth alongside consistent profit margins.
Maybank IB’s analyst, Samuel Yin Shao Yang, offers a more optimistic short-term forecast, predicting the venue’s profits could hit MYR 1.9 billion ($460 million) by 2030. This projection underscores the immediate benefits of a quick launch and capitalizes on its established customer base within one of the nation’s most lucrative gaming markets. Historically, New York City’s diverse and densely populated area has provided fertile ground for the gaming industry, emphasizing the potential significance of this expansion.
As Genting Malaysia gears up for this next phase, scrutiny from state authorities is intensifying. With the state siting board having provided its recommendations, the New York State Gaming Commission is now tasked with a detailed review of the license applications. This process includes rigorous assessments of financial stability, the fitness of applicants, and adherence to regulatory standards. Licenses are anticipated to be finalized by the end of the year, following the settlement of any outstanding fees.
Genting’s ambitions in New York are part of a broader strategy by its parent company, Genting Berhad, to consolidate its position in global gaming markets. Recent moves to gain full ownership of its Malaysian gaming operations, financed through increased debt acquisition, reflect this overarching growth plan. While not directly related to the New York project, these actions underline Genting Berhad’s intent to bolster its financial footing and expand its influence in strategic markets worldwide.
Securing a downstate casino license would cement Genting’s competitive edge in New York long before its rivals can establish themselves. This head start could be crucial in capturing market share and fostering brand loyalty in an increasingly competitive environment. However, this rapid expansion and the accompanying financial commitments also present risks. The gaming industry, while lucrative, is susceptible to economic fluctuations, regulatory changes, and shifts in consumer behavior. Genting must navigate these challenges carefully, balancing aggressive growth with fiscal responsibility.
In a broader context, New York’s initiative to expand its casino infrastructure is aligned with a national trend where states are increasingly recognizing the economic benefits of legalized gambling. The potential for job creation, increased tourism, and additional tax revenues are compelling incentives for state governments. However, this expansion also raises concerns about the potential social impacts, such as gambling addiction and its associated costs, which need to be addressed through effective regulation and public education campaigns.
Moreover, the competition among casino operators is expected to intensify, with each entity striving to offer unique experiences to attract customers. Genting’s planned expansion could potentially set a new standard for entertainment and leisure offerings in the region, influencing future developments in the sector. The success of Resorts World New York City in this new capacity could serve as a blueprint for other casinos aiming to gain a foothold in the lucrative U.S. gaming market.
While the outlook is promising, Genting’s path to success depends on its ability to execute its plans effectively and manage risks judiciously. The company’s strategy will need to account for regulatory hurdles, market dynamics, and the broader economic landscape. As Genting Malaysia prepares to redefine its presence in New York, the global gaming industry will be watching closely, recognizing that the stakes are high, and the potential rewards even higher. The coming years will determine whether Genting can harness these opportunities to affirm its leadership role in the evolving world of casino gaming.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.
