Gaming company excited about potential for casino license in New York
Recently, at Genting Malaysia Bhd's annual meeting, there was an air of confidence about their operations in New York. This confidence extended to the hopes of Resorts World New York obtaining one of the three downstate casino licenses that the state is yet to award.
Apart from the slots-only Resorts World New York in Queens, Genting Malaysia Bhd also controls Empire Resorts. This entity, which has had its struggles with financial issues, manages Resorts World Catskills, Monticello Raceway, sports betting operations in New York, and Resorts World Hudson Valley. However, it's worth mentioning that they don't control the Queens property.
Despite Empire Resorts flirting with bankruptcy protection in 2019, Genting holds the belief that their established presence in New York State could boost Resorts World New York's odds of winning a downstate casino license. They even shared this opinion with investors during the annual meeting.
It remains to be seen if New York State regulators share this view, but Genting has made efforts to financially strengthen their ailing venues in the north of the state. These commitments could play a role in the decisions made by regulators when evaluating bids for the downstate permits.
For quite some time now, the general assumption has been that Resorts World New York and MGM Resorts International's Empire City Casino in Yonkers were early favorites to claim two of the three licenses.
Resorts World New York has some advantages. Since its opening, the property has generated billions in tax revenue for Albany, with $600 million collected in the year preceding this one. Genting has said that if they're able to convert the venue into a Las Vegas-style casino, this figure could rise to $1 billion per year. The operator has also promised to invest $5 billion in Resorts World New York to upgrade the property to a traditional casino if they're granted one of the permits.
Another point in their favor is the fact that Senator Joseph Addabbo (D-Queens) represents the district near Resorts World New York. He's one of the main architects of gaming-related legislation in the state and has a good working relationship with Genting's affiliates.
Genting also informed investors that they're open to other New York-related opportunities, such as iGaming. Internet casino legislation didn't get passed during the last legislative session, but efforts to do so are expected to be renewed next year.
Genting expressed its desire to "solidify" its position in the Northeast, whether through Resorts World New York or their other gaming operations in the state. Related initiatives are expected to involve cross-promotion efforts and growth in their customer database.
However, a potential wild card in this situation is the controversies surrounding Scott Sibella. A complaint from the Nevada Gaming Control Board alleged that Sibella allowed illicit bookmakers to wager large sums at MGM Grand on the Las Vegas Strip when he was president there.
After his time at MGM Grand, Sibella joined Genting's Resorts World Las Vegas, where he was terminated in September 2023 for supposed violations of company policy.
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