Casino group Genting Malaysia Bhd says its Resorts World New York City (RWNYC) complex could provide US$2.5 billion over the coming four years to New York state’s Metropolitan Transportation Authority (MTA) if Genting is awarded a downstate New York casino licence this year.
“This is achievable because RWNYC could begin operations as early as March 2026 if it is selected by the New York Gaming Facility Location Board by December 1, 2025, and the licence is issued by the Gaming Commission by December 31, 2025, consistent with the dates the Board has indicated,” stated the group in a Friday press release.
The RWNYC property (pictured) in Queens, New York City, is currently an electronic gaming venue. It would be upgraded and expanded as a full-scale casino resort, in a move the Genting group has previously said would be a US$5.6-billion project.
“With an upfront licence fee of US$600 million and US$1.9 billion in tax payments to the MTA in the next four years, RWNYC will generate US$2.5 billion in taxes for the MTA,” stated the property’s promoter.
“The estimated US$2.5 billion payment will more than cover the expected US$1.8 billion MTA budgeted for the three casino licence fees and tax payments from 2026 to 2029,” the firm added.
According to the announcement, MTA’s budget from casinos forecast US$500 million in 2026 and 2027, respectively, followed by US$600 million in 2028 and US$200 million in 2029.
Maybank Investment Bank Bhd said in a recent memo that Genting Malaysia was “virtually assured” of winning a downstate New York casino licence in the United States.
Some global casino firms have dropped out of the race for a downstate New York casino licence. That included Las Vegas Sands Corp, Wynn Resorts Ltd, and MGM Resorts International.
As per Friday’s update, with the withdrawal of the MGM Yonkers full-scale casino proposal from MGM Resorts, an upgraded RWNYC would be “the only operating full commercial casino in downstate New York, including New York City”.
That would help RWNYC generate “an estimated US$2 billion in tax revenue for education and US$2.5 billion for the MTA over the next four years, while the other greenfield proposals [for downstate casinos] are not expected to open before mid-2030,” stated the Genting side.
The release cited Robert DeSalvio, president of Genting Americas East, as saying: “This is not just a casino expansion. It’s a transformative economic development project that will keep New York City moving in every way.”
“Resorts World New York City is the only bidder [that] can deliver a steady flow of new revenue for the MTA starting in 2026. This is a promise to the MTA and the people who rely on it that we are here to provide support,” he stated.
New York State Senator James Sanders, Jr said in prepared remarks, that Genting’s investment in New York “isn’t just about gaming – it’s about growth”.
Mr Sanders added: “We have a safe bet with one project that will provide support to the MTA right away. Resorts World’s contributions to the MTA will allow us to focus on the people’s work and expand accessibility.”
Currently, Genting Malaysia’s flagship business is its Malaysian casino monopoly Resorts World Genting, at Genting Highlands outside the capital, Kuala Lumpur.
The casino firm’s parent Genting Bhd recently made a circa US$1.59 billion bid for a conditional voluntary takeover of Genting Malaysia.
