Genting Bhd fails to privatise Genting Malaysia, wins NY casino licence the same day

Summary

On 2 December 2025 Genting Bhd fell short of the 75% threshold required to privatise and delist Genting Malaysia (GENM), reaching 73.13% by the deadline. At the same time a New York board recommended Genting for a full casino licence at Resorts World New York City, subject to final approval by the New York State Gaming Commission by 31 December.

Genting plans to invest about $5.5 billion to transform the Queens slot parlour into a 500,000-square-foot integrated resort featuring up to 6,000 slot machines and 800 table games. The failed takeover was linked to the company’s aim to bolster financial resources for the NYC project; analysts say the RM2.35 per-share cash offer — roughly 10% above prior trading levels — failed to persuade many long-term shareholders.

Key Points

Genting needed 75% of GENM shares to privatise but secured only 73.13% by the deadline.
A New York board recommended Genting for a full casino licence at Resorts World New York City, pending final sign-off by the New York State Gaming Commission.
The company plans a c.$5.5bn investment to build a 500,000 sq ft integrated resort in Queens with up to 6,000 slots and 800 table games.
Genting’s RM2.35 per-share offer was viewed as too low by many long-term GENM shareholders, who felt it did not reflect intrinsic value after prolonged underperformance.
New York’s board also recommended projects from Hard Rock (CitiField) and Bally’s (Bronx); the state commission will decide whether to award three licences by the year end.

Why should I read this?

Quick and dirty: big corporate move with mixed results. Genting didn’t get the shares it wanted, but a New York licence would be a game-changer. If you follow casino development, M&A or regional market shifts, this explains where Genting is putting its cash and why some shareholders pushed back.

Author’s take

Punchy: This is high-stakes corporate theatre. Failing to delist GENM is a setback for control and consolidation, but landing a New York licence could massively reshape Genting’s US strategy and justify the risk. Industry players and investors should watch the NY State Gaming Commission decision — it will influence capital allocation and the future shape of Resorts World New York City.

Source

Source: https://igamingbusiness.com/casino/genting-bhd-fails-privatise-genting-malaysia/