Genting Malaysia ‘virtually assured’ of getting New York casino licence: Maybank | AGB
Summary
Maybank analysts say Genting Malaysia is “virtually assured” of winning one of New York state’s three downstate commercial casino licences, a decision expected by year-end. The bank argues regulators are likely to award all three licences to maximise upfront revenue, with Genting’s Resorts World New York City (RWNYC) bid viewed as the strongest.
Genting has pitched a fast, large-scale rollout: a permanent casino with 4,000 machines and 250 tables within six months of licensing, expanding to 6,000 slots and 800 tables by 2029. The proposal includes the highest licence fee ($600m), steep tax commitments, nearly 2,000 hotel rooms, a 7,000-seat arena and a $2bn community benefits package. Maybank projects New York’s downstate gross gaming revenue could reach $6.5bn by 2031, with RWNYC potentially generating $2.7bn (around 42% market share). Analysts expect a substantial earnings uplift for Genting Malaysia, forecasting net profit could peak at MYR1.93bn in 2030 and estimating an equity value addition of MYR0.47 per share from the expansion.
Key Points
- Maybank: Genting Malaysia is “virtually assured” of securing a New York downstate commercial casino licence.
- New York may award up to three licences by year-end; issuing all three could raise at least $1.5bn upfront for the state.
- RWNYC proposal aims for rapid deployment: 4,000 machines and 250 tables within six months, later expanding to 6,000 slots and 800 tables by 2029.
- Genting pledged the highest licence fee ($600m), high tax rates and a $2bn community benefits package that includes housing support.
- Maybank forecasts downstate gross gaming revenue could hit $6.5bn by 2031; RWNYC may capture roughly $2.7bn (42%).
- Analysts expect a step-change in Genting Malaysia’s earnings: net profit potentially peaking at MYR1.93bn in 2030 and an estimated MYR0.47 per share uplift to equity value.
Context and Relevance
This licence would reposition Genting Malaysia as a major US gaming operator and materially affect its earnings trajectory, investor sentiment and regional competitive dynamics. For New York, awarding licences quickly would deliver significant immediate revenue and transform the downstate market size and structure. The speed of RWNYC’s planned rollout gives Genting a first-mover advantage versus rivals projecting later openings.
Author style
Punchy — this isn’t minor sector noise. The piece flags a potential watershed for Genting Malaysia: a fast-track, high-fee bid that could reshape the company’s US footprint and investor outlook. If you follow gaming markets or regional M&A and infrastructure plays, dive into the detail.
Why should I read this?
If you care about gaming stocks, big New York developments or who’s winning the US casino race, this is worth your two-minute read. We skimmed the fluff: Genting looks set to land a licence and the numbers could seriously lift earnings — fast.