GEN Malaysia to Benefit Big From Upcoming NY Downstate Casinos

GEN Malaysia to Benefit Big From Upcoming NY Downstate Casinos

Maybank IB Research said on Sunday that New York state could initiate processes to offer up to three commercial license casinos downstate. A confirmation is expected June 30 next year, which could be great news for Genting Malaysia.

Analyst Samuel Yin Shao Yang added that the downstate casino could be the “ultimate prize” for Resorts World Casino. They would receive permissions to add table games and be strategically located near New York city.

The statements come after the New York State Gaming Commission launched a request-for-information (RFI) process in late October on the possibility of having three commercial casinos downstate. They were seeking for interested parties to determine the future of the plans.

The regulatory body would prepare send out a report in the RFI process it initiated to the downstate casino license. The interested groups would then have until December 10 to respond.

Maybank noted that results of the RFI process would make way to the New York governor and state legislature, within 6 months after December 10 2021.

Currently, Genting Malaysia’s downstate facility, Resorts World Casino New York City does not offer table games. Rather, it is a video lottery terminal. So Maybank believes a casino license would help the venue generate higher net profits.

The bank further highlighted that it is unable to clarify the city’s 2020 gross gaming revenue (GGR)due to the varying reporting standards between the commercial casinos and tribal ones.

However, they found that casinos in five surrounding states recorded a total of US$7.4 billion in GGR for 2020. This figure is reportedly much higher than the GGR of Singapore pre-covid, which was at US$4.5 billion.

Genting Malaysia group currently has a 49 percent stake in a New York commercial casino upstate, Resorts World Catskills through their investment in Empire Resorts Inc.