Genting Considering New York Stock Exchange Debut
Genting Malaysia Berhad might consider an equity listing in New York with a focus on a company holding some of their US gaming assets. This potentially valuable venture has been discussed earlier this week during the corporate's annual meeting. Genting could potentially list its shares on either the Nasdaq or the New York Stock Exchange (NYSE) and include Resorts World Las Vegas and Resorts World New York in this new company.
According to COO and President Tan Kong Han, this move could help the organization unlock shareholder value and increase the worth of the entire group. However, the decision will be made dependent on the situation in the United States and the overall climate.
Genting also controls Empire Resorts, which serves as the parent company for Resorts World Catskills, Monticello Raceway, sports betting operations in New York, and Resorts World Hudson Valley. It remains unclear at this time whether these assets would join the Resorts World properties in Las Vegas and Queens in forming a US-based stock.
Genting's History with US Listings
Genting has had experience with US stock listings through their previous ownership of Empire Resorts, which used to trade on the Nasdaq under the ticker "NYNY" prior to a near bankruptcy. Genting's parent company, Genting Malaysia, eventually took Empire Resorts private to prevent a full collapse.
Prior to Resorts World Las Vegas' opening, there were rumors of Genting potentially listing in the US. In 2019, analysts speculated that the company could combine its New York assets, Resorts World Bimini Resort and Marina in the Bahamas, and the 30-acre parcel of land in Miami where Genting intends to build a casino into a publicly traded US entity. However, the company has since sold the Miami property.
In 2021, analysts expected that this new US-based company could be worth $1.5 billion to $1.9 billion by 2025. This prediction did not take into account the inclusion of Resorts World Las Vegas or the exclusion of the Miami property in the valuation.
Resorts World New York's Role in the Possible US Listing
Although Tan didn't address this specifically, there is a possibility that the status of Resorts World New York could impact Genting's US listing plans. The property is currently vying for one of the three downstate casino licenses that are anticipated to be awarded by New York regulators in late 2025 or early 2026.
The slots-only venue in Queens is considered a top contender for one of those licenses, but it's uncertain whether that will factor into Genting's choice about whether or not to list a Genting stock in the US. For investors, it might. If Resorts World New York were to transform into a Las Vegas-style casino and become more appealing to a broader audience, Genting's US listing, if it transpires, might become more attractive to a broader range of market participants.
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