With Genting Malaysia’s Resorts World New York City (RWNYC) one of three bidders now just one step away from securing a full commercial casino license in downstate New York, analysts are forecasting a massive uplift in both revenue and profit as the property expands in the coming years.
Currently operating as a slots-only property, RWNYC boasts an early mover’s advantage over the other two bidders that were this week recommended for a license by the Gaming Facility Location Board. Genting Malaysia has stated that it can open a permanent casino featuring 4,000 slot machines and 250 table games by June 2026 – just six months after award of a license – with an additional 150 tables to be added by January 2027 in existing space. Even if all goes according to schedule, the other two bidders – Bally’s Corp and Hard Rock – cannot open until 2030 at the earliest.
In a note, investment bank Nomura said it anticipates RWNYC generating US$2.9 billion in GGR by 2031 – the first year in which all three New York casinos are scheduled to be fully operational – and EBITDA of US$394 million.
This is based on a presumption of tax rates of 56% on slots and 30% of tables, a 4% annual growth rate and 25% EBITDA margins.
In a separate note, Maybank IB’s Samuel Yin Shao Yang said he expects net profit generated by RWNYC’s expansion to peak at MYR1.93 billion (US$467 million) in 2030 – before its rivals achieve full operations.
With the three bidders having been recommended by the Gaming Facility Location Board this week, responsibility now goes to the New York State Gaming Commission to carry out background checks and character reviews, examine compliance with legal requirements and examine regulatory oversight plans before issuing licenses upon payment of license fees before the end of this year.
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