Genting Bhd has made progress in its plans to acquire Genting Malaysia, reinforcing its ambitions to expand in the New York market.
The primary objective of the transaction is to optimize Genting Bhd’s capital structure to support its New York growth strategy through Genting Malaysia’s Resorts World New York City.
By increasing its stake in Genting Malaysia from 49.36% to over 50%, the company has taken an important step toward potentially securing full control.
The transaction is expected to be finalized by the end of 2025, paving the way for further expansion into New York.
If Genting succeeds in obtaining a full casino license in the state, Resorts World would evolve from a video lottery terminal venue into a full-scale casino, adding table games and significantly expanding its offering for players.
Genting’s already strong position in New York’s gambling industry provides a stable foundation for continued growth in the developing market.
Operating more than 5,800 video lottery terminals, the proposed expansion is anticipated to be highly lucrative for the group — further supported by its strategic location near JFK International Airport.
Following the unexpected withdrawal of MGM Empire City from the licensing race, Resorts World’s prospects have significantly improved, positioning the company as one of three remaining contenders for three available licenses.
The group sits alongside Bally’s $4bn plan for a casino at Ferry Point in the Bronx, the Hard Rock Casino Citi Field project in Queens led by New York Mets owner Steve Cohen in the race.
MGM’s exit has encouraged Resorts World New York to accelerate project development and commit additional investments.
In a supplemental application to the New York State Gaming Facility Location Board, the company pledged an additional $2bn toward infrastructure upgrades and community benefits linked to the expansion of its current VLT property at Aqueduct Racetrack in Queens.
Combined with the previously announced $5.5bn for the development of a full casino resort, Resorts World’s total investment will reach $7.5bn.
Furthermore, Resorts World stated it is prepared to pay a licensing fee of $600m — $100m above the minimum requirement set by the state.
Robert DeSalvio, President of Genting Americas East, commented: “No other project will come online faster, generate more financial impact, create more jobs or send more revenue to the state’s education fund, the MTA and local communities than Resorts World New York City.”
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