KUALA LUMPUR (Dec 16): The New York State Gaming Commission has voted to award casino licences for Genting Malaysia Bhd (KL:GENM) and two other winners, ending a decade-long process to set up gambling house in the city.
The decision was unanimous, according to the slot free credit commission’s meeting minutes. “Each of the projects made significant commitments to their communities and to the New York state, and the gaming commission was clear that they will hold these projects accountable and make sure they keep their promises,” governor Kathy Hochul said in a statement.
The vote on Monday follows the Gaming Facility Location Board’s recommendations on Dec 1 to the commission. Apart from Genting Malaysia’s Resort World New York, Bally’s Bronx and Hard Rock Metropolitan Park also won the bids.
In addition to the US$1.5 billion (RM6.1 billion) in one-time licensing fees, the state is expected to rake in billions of dollars in tax revenue as the winners promised an economic boom for the five boroughs.
Hochul said the approved casinos will generate funding for the Metropolitan Transportation Authority and education as well as create “tens of thousands of jobs and deliver real benefits to their surrounding communities”.
In the near term, Genting Malaysia’s Resort World will be the only full-service casino operational in New York City, as the other winners’ greenfield projects will only open their doors to gamblers around 2030.
Resort World New York City is now offering mostly slot machines and electronic table games, and the licence will allow Resort World New York City to expand and deploy live table games as soon as June 2026.
Genting Malaysia submitted its proposal on June 27, outlining a US$5.5 billion (RM23.2 billion) plan to convert Resort World New York City from a racino that combines horse racing track and slot machines into an integrated resort with expanded gaming floors and extensive non-gaming facilities.
The proposal includes a 500,000 sq ft gaming floor, 6,000 slot machines, 800 table games, 2,000 hotel rooms, a 7,000-seat entertainment venue, more than 30 food and beverage outlets, large meeting spaces, and over 10 acres of greenspace.
The Malaysian casino operator has told US regulators that it can begin table-game and full-casino slot machine operations within six months of receiving the licence, and projected that the new casino could deliver tax revenue for the state as early as July 2026.
Analysts warned that Genting Malaysia and its parent Genting Bhd (KL:GENTING) may face higher debt ahead of their New York casino project. Genting Malaysia’s net debt of RM9.72 billion is set to increase as it borrows US$5.5 billion to fund the casino construction. The total New York investment is US$7.5 billion, including US$2 billion for community programmes.
Genting Malaysia’s share price was up two sen to RM2.06 a share, valuing the company at RM12.23 billion on news of the win, while Genting’s share price was up three sen to RM3.05 a share, valuing it at RM11.82 billion.
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