Deep Dive

In the 2010s, Resorts World New York City operated primarily as a racino, relying on electronic gaming machines under regulatory constraints. While profitable, the model limited revenue potential due to the absence of live table games. Genting maintained a long term strategy, positioning itself to benefit from eventual regulatory liberalisation in New York.

In 2025, Lim Kok Thay initiated a RM6.7 billion privatisation proposal for Genting Malaysia, aiming to consolidate its global operations across Malaysia, the United Kingdom, and the United States. The offer, priced at RM2.35 per share, sought to streamline capital allocation and address concerns over related party transactions. However, minority shareholders opposed the proposal, arguing that it undervalued the company and failed to reflect the upside from a potential New York casino licence.

In December 2025, the strategic landscape shifted decisively when the New York State Gaming Commission awarded Genting one of three commercial casino licences. This outcome validated shareholder resistance to privatisation, as the listing structure allowed investors to retain exposure to future earnings growth from the New York market.

In April 2026, the upgraded casino officially commenced operations. The new gaming floor introduced over 240 live dealer tables, covering blackjack, roulette, baccarat, and craps, alongside 2,500 slot machines. The expansion created approximately 1,250 jobs and is projected to generate annual gaming revenue of around USD1.7 billion. This transformation significantly enhances the asset’s revenue profile and strategic value within Genting’s global portfolio.

In parallel, Genting continues to strengthen its regional assets. Genting Singapore operates Universal Studios Singapore under licence from Universal Destinations and Experiences. Ongoing expansions, including Minion Land and Super Nintendo World, reinforce its integrated resort ecosystem in Asia.

In the present phase, Genting’s corporate structure spans multiple listed entities, including Genting Berhad, Genting Singapore, and Genting Plantations. Its diversification into energy, property, and life sciences complements its core gaming operations, providing resilience across economic cycles.

In the global context, Genting has emerged as one of the leading players in the gaming industry. Its market positioning places it alongside major operators such as Galaxy Entertainment Group and Sands China, while maintaining competitive scale against Melco Resorts and SJM Holdings. The development pipeline in New York, estimated at approximately USD5.5 billion, provides a significant growth lever that offsets regional volatility.