At its annual assembly this week, Genting Malaysia Bhd sound an optimistic tone on its operations in New York, together with the prospects for Resorts World New York touchdown one of many three downstate on line casino licenses the state has but to award.
Resorts World New York in Queens. Operator Genting is bullish on its New York footprint. (Picture: NYT)
Along with the slots-only Resorts World New York in Queens, the Malaysian conglomerate controls Empire Resorts. That entity, which has had its bouts with monetary woes, Resorts World Catskills, Monticello Raceway, sports activities betting operations in New York, and Resorts World Hudson Valley. It doesn’t management the Queens property.
Whereas Empire Resorts flirted with chapter safety in 2019, Genting believes it’s established footprint in New York State may assist Resorts World New York in its quest for a downstate on line casino license and informed traders as a lot on the annual assembly.
It’s not clear if regulators within the fourth-largest state will see issues that manner, however Genting has taken steps to financially bolster its ailing venues within the Northern a part of New York. These commitments might be taken under consideration when regulators consider bids for the downstate permits.
Genting in Robust Place for New York On line casino License
No official declarations have been made to this impact, however because the onset of the New York Metropolis-area on line casino course of, consensus knowledge has held that Resort World New York and MGM Resorts Worldwide’s Empire Metropolis On line casino in Yonkers — one other slots-only venue — have been within the catbirds’ seats to land two of the three licenses.
Resorts World New York has some benefits. The property has already delivered billions in tax income to Albany since opening, together with $600 million final yr. Genting has promised that determine may swell to $1 billion yearly if it could convert the venue to a Las Vegas-style on line casino. The operator additionally mentioned it could allocate $5 billion to Resorts World New York to boost the property and convert it to a standard on line casino ought to it one of many permits.
Moreover, Sen. Joseph Addabbo (D-Queens) represents the district close to Resorts World New York. He’s one of many major architects of gaming-related laws within the state and has a snug, established working relationship with associates of Genting.
The Malaysian gaming large additionally informed traders that it’s open to different New York-related alternatives, together with iGaming. Web on line casino laws didn’t cross in the latest legislative session, however these efforts are anticipated to be tried once more subsequent yr.
Genting Seeking to Agency New York Place
Whether or not it’s by the use of Resorts World New York or its different gaming venues within the state, Genting informed traders it desires to “solidify” its place within the Northeast. Associated efforts are anticipated to incorporate cross-marketing promotions and enlargement of its buyer database.
Particular to Resort World New York, a possible wild card is how New York regulators view the controversies surrounding Scott Sibella. A grievance filed by the Nevada Gaming Management Board (NGCB) charged Sibella with permitting unlawful bookmakers to wager massive sums of cash at MGM Grand on the Las Vegas Strip when he was president of that venue.
After his tenure there, Sibella joined Genting’s Resorts World Las Vegas the place he was terminated in September 2023 for alleged violations of firm coverage.
