Genting Malaysia Berhad (GENM) is strategically positioned to tap into the growth potential of New York City’s (NYC) gaming market, following its subsidiary, Resorts World New York City (RWNYC), securing a full-service casino license.
New York State (NYS), with an annual GDP of USD2.3 trillion, ranks as the third-highest in the US, yet its gross gaming revenue (GGR) lags behind neighboring Pennsylvania and New Jersey, despite their proximity to New York City. Analysts note that the combined GDP of NYS, Pennsylvania, and New Jersey is comparable to that of California and Nevada, but GGR in California and Nevada is over 30% higher, indicating significant room for expansion in NYS.
Exclusive Full-Service Casino License
RWNYC will operate as the only full-service NYC casino for the next 3–4 years. Other licensed projects, including Hard Rock Metropolitan Park and Bally’s Bronx, are greenfield developments expected to open around 2030. With MGM Resorts withdrawing from the bid, RWNYC gains a first-mover advantage in capturing local gamers who currently travel to Philadelphia, New Jersey, or Connecticut for live table games.
The casino plans to roll out 200 live tables by July 2026, another 200 tables in early 2027, and reach 800 tables and 6,000 slot machines by Q1 2029. Located on 73 acres adjacent to John F. Kennedy International Airport, RWNYC aims to attract both local and travelling patrons, projecting 11–15 million visitors annually. Expansion plans include increasing hotel capacity from 400 to 2,000 rooms, alongside enhanced dining and entertainment offerings.
Capital Expenditure and Funding
The total estimated capex for the project is USD4–5 billion. Analysts note that the exit of MGM Resorts reduces the initial funding gap to USD1–2 billion, easing concerns over potential equity dilution. GENM can also leverage its other assets, including 15 acres of Miami land valued at USD1.2 billion and 270 million treasury shares worth USD100–200 million. As the parent, Genting Berhad, holds a 73% stake in GENM, the group could issue up to 10% new shares without triggering a rights issue, raising an additional USD300–400 million if needed.
Analyst Outlook
Kenanga has maintained GENM’s FY25–26 forecasts and reaffirmed its Outperform rating with a target price of RM3.00, up from RM2.00, reflecting the strong growth potential from RWNYC’s exclusive position in NYC.
With NYC as its economic hub and a first-mover advantage in full-service gaming, GENM is poised to capitalize on pent-up demand, setting the stage for robust long-term growth in one of the largest gaming markets in the US.
