The future of Genting Malaysia Bhd’s long-awaited bid to secure a full commercial casino licence in New York is set to be determined on Monday — a development widely seen as one of the most consequential regulatory decisions for the group in recent years.
The New York Gaming Facility Location Board is expected to unveil its chosen recipients for the three downstate casino licences, bringing an end to an extended approval process that initially attracted eight major bidders. The decision will determine which companies are allowed to operate full-fledged casinos in the lucrative New York metropolitan area.
The timing is especially significant for the company, as the verdict comes just hours before the close of Genting Bhd’s RM6.7 billion proposal to privatise its subsidiary Genting Malaysia. The offer — priced at RM2.35 per share — was extended once and is scheduled to close at 5pm on Monday.
Genting’s High-Stakes New York Ambition
Genting Malaysia is pursuing the licence through its wholly owned US unit, Genting New York LLC, the operator of Resorts World New York City (RWNYC). RWNYC, located at Aqueduct Racetrack in Queens, has functioned as a racino (slots-only venue) for more than a decade and is one of the highest-grossing gaming properties in the US.
On June 27, the group submitted its full proposal — a sweeping US$5.5 billion (RM23.19 billion) expansion plan to transform RWNYC into a major integrated resort with full table games and extensive non-gaming attractions.
According to the submission, the new RWNYC would feature:
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A 500,000 sq ft gaming floor
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6,000 slot machines
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800 table games
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2,000 hotel rooms
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A 7,000-seat entertainment arena
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Over 30 food & beverage outlets
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Large meeting and convention spaces
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More than 10 acres of landscaped public greenspace
Genting has assured New York regulators that it could begin operating table games within six months of receiving the licence. The company also projected that the expanded casino could begin contributing significant tax revenue to New York’s state and city budgets as early as July 2026.
The state’s Gaming Board has set Dec 31, 2025 as the target deadline to issue all final licences, though industry observers expect winning proposals to be announced far earlier.
Privatisation Bid Moves Forward
Meanwhile, Genting Bhd’s takeover offer for Genting Malaysia continues to progress. The offer became unconditional earlier than expected, after Genting and its concerted parties surpassed the 50% shareholding threshold on Nov 3. At the time the buyout plan was announced on Oct 13, Genting held a 49.36% stake.
By last Friday (Nov 28), filings with Bursa Malaysia revealed that Genting had increased its direct stake to 64.1%, achieved through steady market purchases and shareholder acceptances.
Analysts remain divided over the fairness of the RM2.35 offer price:
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Some research houses argue the proposal undervalues the group, pointing to potential upside should the New York casino licence be approved, as well as unrealised value in Genting’s Miami landbank and future asset monetisation plans.
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Others note rising operating costs, persistent losses at Empire Resorts (Genting’s US casino subsidiary), and the significant capital expenditure required for the New York expansion — factors that may justify shareholders opting for certainty via the offer.
Genting Malaysia’s net borrowings have more than tripled in the past five years, and analysts expect Empire Resorts to remain loss-making in the medium term.
As of Monday morning, Genting Malaysia’s share price remained unchanged at RM2.35, giving the company a market capitalisation of about RM14 billion.
