On Monday, Fitch ratings agency informed the gaming community, that Genting New York LLC will most likely require funding by its parent corporation – Genting Malaysia, in the middle of the current financial difficulties. The Ney-York-based corporation follows a similar business model to its parent corporation and it is considered to be of significant importance to GM’s plans in the long run.
NY Genting is expected to be used as a feeder to the new US$4 billion Resorts World Las Vegas, which should be officially opened later this year. The new project will most likely follow its NY-based counterpart – Resorts World New York which is a land-based casino consisting of only slot games, with around 6,500 video slot terminals and electronic games.
Las Vegas Project
Up to this day Genting Malaysia has invested over US$535 million in Genting New York since the company believes in potential investments and strategic growth in the North American region. This is why they will be investing around US$4 billion in their latest Las Vegas project, which will certainly prove beneficial for the corporation.
Genting Malaysia put further emphasis on how important is Genting New York, and they expressed their satisfaction with the Resorts World New York with its impressive results before the lockdown commenced, also this is the largest casino that is located this close to the city of New York. They believe in securing the long-term future of the casino by acquiring table-games licenses after the exclusivity period ends in 2023 for NY upstate casinos.
Considering NYC-based Casinos
New York is considering the introduction of NYC-area casinos, to compensate US$15 billion deficit. State revenue of US$500 million could rise to a possible US$800 million if the state decides to expand video-lottery terminals in Queens and Yonkers to a fully-functional casino enterprise, or by granting licenses to gambling operator for the creation of brand-new ones.
For this to be accomplished the moratorium on new casinos until 2023 must be lifted by Governor Andrew Cuomo, which seems increasingly likely since the state is in desperate need of finding new news to generate revenue. Lifting the moratorium will allow Resorts World New York at Aqueduct Racetrack and Empire City at Yonkers, to complete their transformation to regular sized casinos with live table games and slot terminals.
Commercial Casino Expansion
Senator James Skoufis recently stated that issuing commercial casino licenses might be the way to go if the state wants to overcome the ongoing financial crisis. Currently, three commercial casinos await the green light for acquiring their licenses. It was estimated that such expansion of commercial venues could have accumulated over US$1 million in revenue by the time of January 2021.
Other Possibilities
Mayoral candidate Andrew Yang believes that he has found a way to deal with the current financial difficulties. He proposed to launch a fully-operational brick-and-mortar casino on Governor Island, which he believes will attract more than enough visitors and raise enough income. However, this is not as easy as it sounds, since there are already existing plans for the unused territories of the island, plus the fact that casinos are prohibited on the island with the 2003 deed restriction.
Source: Blaschke, Ben. “Genting Malaysia to prop up New York casino interests in times of distress says Fitch”, Inside Asian Gaming, January 26, 2021,
Spector, Joseph. “Is New York moving closer to adding NYC-area casinos? Here’s maybe why”, Lohud, January 25, 2021
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