• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Genting Malaysia aggressive upstate N.Y. bidder: analysts

Sep 12, 2014 Newsdesk Latest News, Top of the deck, World  


Genting Malaysia aggressive upstate N.Y. bidder: analysts

A Malaysia-based analyst and his colleague at Japanese bank Nomura suggest that Genting Malaysia Bhd’s bids for two casino licences in upstate New York in the U.S. are “the most aggressive and [in] many ways superior to that of the competition”.

Genting Malaysia – which runs Resorts World Genting, Malaysia’s only casino resort –, already operates Resorts World Casino New York City, which opened in 2011.

The firm has now submitted bids for two casino licences in upstate New York – one in Tuxedo and the other in Montgomery, both in Orange County district. In Tuxedo, it plans to build a US$1.5 billion property to be called Sterling Forest Resort (pictured in a rendering). The second bid is for Resorts World Hudson Valley in Montgomery, with a price tag of US$1 billion, according to the summary of the proposal.

The firm spent a total of US$2.48 million on lobbying for casino licences in New York State between 2012 and 2013, according to a report by the New York Public Interest Research Group.

Nomura analysts Tushar Mohata and Alpa Aggarwal think Genting Malaysia stands a good chance of winning at least one of the new licences for which it has applied. But they counsel that the potential return on invested capital (ROIC) could be lower than at the New York City venue, which offers 5,000 electronic games according to the resort’s website, but no traditional live dealer tables.

The analysts wrote on Friday: “We think the potential ROIC from the [upstate] projects will be lower because of high capex, and concerns on market size in upstate New York. Being able to bring in additional gamblers will be a key component of success for these casinos.”

They also indicated that environmental concerns and a short exclusivity period could weigh on the value of the upstate licences.

“In our opinion, other factors Genting Malaysia needs to keep in mind are protests by environmentalists at Sterling Forest, and the risk from downtown casinos after a seven-year exclusivity period,” they stated.

On June 30, Caesars Entertainment Corp confirmed it had applied to build Caesars New York, a US$880 million casino resort it wants to develop in Woodbury, upstate New York. A subsidiary of Caesars applied for a gaming licence in the state the same day, it said in a statement.

Genting Malaysia on Monday said it had received regulatory approval back home to raise up to MYR5 billion (US$1.58 billion) via medium-term notes.

Funds will go towards operating expenses, capital expenses, investments and property development, it said in an announcement to its home market’s stock exchange, the Bursa Malaysia.


  • tweet
Related articles
  • LVS says to bid for downstate NY casino licence
    LVS says to bid for downstate NY casino...

    Jan 13, 2023  

  • NY suitors poss including Asia ops, asked for US$500mln fee
    NY suitors poss including Asia ops,...

    Jan 04, 2023  

More news
  • Macau ops track earlier recovery after Jan GGR: analyst
    Macau ops track earlier recovery after...

    Feb 01, 2023  

  • Prominent locals speak in court for Tak Chun boss Levo Chan
    Prominent locals speak in court for Tak...

    Feb 01, 2023  


Latest News

Macau ops track earlier recovery after Jan GGR: analyst

Macau ops track earlier recovery after Jan GGR: analyst

Feb 01, 2023  

Most of Macau’s casino operators are likely to generate positive free cash flow in the first quarter, given the robust recovery level of mass-market gross gaming revenue (GGR) in January, relative...
Read More
Prominent locals speak in court for Tak Chun boss Levo Chan

Prominent locals speak in court for Tak Chun boss Levo Chan

Feb 01, 2023  

January travel lift, CNY sees Macau GGR up 233pct m-o-m

January travel lift, CNY sees Macau GGR up 233pct m-o-m

Feb 01, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Momentum is expected to grow as mainland China recently reopened its borders, and this presents a substantial growth potential for us as historically a large portion of our clientele came from China”

Porntat Amatavivadhana

Non-executive chairman of Donaco International



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPMMacau CNY mass GGR maybe 60pct plus of CNY 2019: JPM January 31, 2023
  • January travel lift, CNY sees Macau GGR up 233pct m-o-mJanuary travel lift, CNY sees Macau GGR up 233pct m-o-m February 1, 2023
  • Chinese comeback limited impact on Singapore IRs: bankChinese comeback limited impact on Singapore IRs: bank January 31, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us