Genting Malaysia ‘Virtually Assured’ of New York Casino License, Says Maybank

Genting Malaysia’s pursuit of a coveted New York casino license appears to be nearing success, with analysts at Maybank asserting that the company is “virtually assured” of securing approval — a development that could significantly reshape its earnings trajectory.

New York state is preparing to issue up to three downstate commercial casino licenses before the end of the year. According to analysts, only three qualified bidders remain in contention, leading to expectations that the state gaming authority will award all available licenses to maximize immediate fiscal gains. This scenario would pave the way for Genting’s Resorts World New York City (RWNYC) to transition from its current status as a video-lottery terminal facility to a full-scale casino.

“We gather that all three remaining bidders — including Genting Malaysia — are virtually assured of a license each,” analysts said, noting that the state could generate at least $1.5 billion in upfront revenue if all three licenses are granted. They further described RWNYC’s proposal as the ‘strongest’, positioning Genting favorably as regulators approach a final decision.

Maybank highlighted that Genting’s proposal distinguishes itself through its speed of execution, project scale, and substantial tax contributions. The plan calls for RWNYC to open a permanent casino featuring 4,000 machines and 250 gaming tables just six months after licensing, well ahead of rival bidders whose operations may not commence until as late as 2030. The property is expected to expand further by 2029, reaching 6,000 slot machines and 800 tables.

The company has pledged the highest license fee at $600 million, alongside the most elevated tax rates among contenders. Its ambitious blueprint also includes the largest gaming floor in the market, nearly 2,000 hotel rooms, and a 7,000-seat arena. Additionally, Genting has committed to a $2 billion community benefits package, incorporating initiatives such as affordable housing support.

Securing a full casino license would allow RWNYC to introduce table games and dramatically expand its footprint, establishing it as one of the largest integrated gaming properties in the United States. Maybank estimates that the New York downstate casino market could reach $6.5 billion in gross gaming revenue by 2031, second only to Las Vegas, with RWNYC potentially accounting for $2.7 billion — a commanding 42 percent market share.

Analysts forecast that the project could deliver a major uplift to Genting Malaysia’s profitability. Revised projections indicate that net profit from the expansion may peak at MYR1.93 billion ($455 million) by 2030, marking a substantial increase from earlier estimates.

“We estimate RWNYC’s expansion will add MYR0.47 per share ($0.11) to Genting Malaysia’s equity value,” analysts wrote, suggesting even greater potential returns if gaming tax rates are reduced or if non-gaming assets are sold to the state.

With New York’s licensing decision expected soon and a multibillion-dollar market within reach, analysts view this development as a pivotal moment for the Malaysian gaming operator. “RWNYC’s expansion represents a step-change for Genting Malaysia’s earnings,” the Maybank report concluded. “We see the group on the cusp of becoming a major player in the US gaming landscape.” 

By fLEXI tEAM