Maybank IB: All three remaining New York bidders “virtually assured” of full casino licence, Genting the strongest
Summary
Maybank Investment Bank says the three remaining contenders for a full commercial casino licence in downstate New York are all “virtually assured” of being awarded a licence, with Genting Malaysia’s Resorts World New York City (RWNYC) expansion judged the strongest bid. Maybank highlights Genting’s speed to market, the highest proposed licence fees and taxes, and an aggressive build-out timetable as decisive advantages.
Genting has outlined phased openings: a permanent casino with 4,000 slots and 250 table games by June 2026 (six months after licence award), an extra 150 tables by January 2027 (taking tables to 400), and a final build reaching 6,000 slots and 800 tables by January 2029, with hotel, garage and amenities to follow through to 2030. Maybank notes rival bidders linked to Hard Rock International and Bally’s Corp are likely to secure licences too, but cannot realistically open before 2030.
Independent estimates (Spectrum Gaming Group) project RWNYC could deliver gross gaming revenue (GGR) of US$2.7 billion by 2031 (about 42% market share), and New York as a whole could reach US$6.5 billion, making it the US’s second-largest gaming market behind Las Vegas.
Maybank also comments on corporate moves: Genting Bhd has launched a conditional voluntary takeover for the remainder of Genting Malaysia, which Maybank says shareholders should reject at MYR2.35 per share because it undervalues the company given RWNYC’s projected profits. Maybank trims its Genting Malaysia target price slightly but forecasts significant earnings accretion from the New York expansion.
