Genting Malaysia gains momentum ahead of a key year, preparing for expansion in New York.
The company plans to ramp up operations in New York after Resorts World New York City (RWNYC) received one of the three full commercial casino licenses from the New York State Gaming Commission.
A focus on successful overseas markets has ensured stable growth for the company: in the last quarter, revenue increased by 10% to reach MYR 3.01 billion ($670 million).
At the same time, the domestic Malaysian market faced challenges: revenue fell by 3%, primarily due to reduced activity among VIP players, who remain key contributors in the region.
A slight decline in VIP revenue was also observed in other Asian markets, including Indonesia.
These challenges were partly offset by high hotel occupancy rates and increased tourist activity across the continent.
Portfolio diversification continues to pay off: investments in Stratford London proved successful. The property, acquired through the UK subsidiary for just under £28 million ($38.1 million), strengthened the company’s already successful portfolio in the United Kingdom.
Overall, revenue from UK and Egypt operations reached MYR 523 million ($134 million), confirming the effectiveness of the diversification strategy.
Malaysian Authorities Tighten Control Over Online Gambling
Despite operators expanding assets and increasing activity, the potential for engaging Malaysian users remains high.
The country’s regulators are beginning to clamp down on the rapidly growing illegal gambling market. The plan to tighten enforcement was announced by the Deputy Prime Minister following revelations about the scale of online gaming.
Active measures by Datuk Seri Fadillah Yusof could reduce the shadow market and create new opportunities for legal operators.
“Gambling in Malaysia is strictly regulated: only one casino — Resorts World Genting — and certain types of sports betting in retail outlets are permitted. All forms of online gaming remain prohibited.”
However, the proposed measures highlight the scale of the black market. According to 2023 data, the annual turnover of the illegal segment is around RM 18 billion ($4.6 billion), with the government losing approximately RM 5 billion ($1.28 billion) in tax revenue.
Seri Fadillah Yusof emphasized: “The federal government is drafting legislation to combat illegal gambling. If left uncontrolled, it could negatively impact social welfare, especially among young people. That is why we approach this issue with the utmost seriousness.”
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