Genting Group has secured a coveted New York City casino license, enabling the Malaysian conglomerate to transform its Queens slot-machine facility into a US$5.5 billion Las Vegas-style integrated resort. The license, awarded alongside permits to New York Mets owner Steve Cohen and Bally’s Corp, is expected to be issued by December 31.
Genting’s Resorts World plans to expand the existing electronic games parlor into the city’s largest casino, featuring a 500,000-square-foot gaming floor with 800 table games. The resort will also include nearly 2,000 hotel rooms, a 7,000-seat entertainment venue, a conference center, restaurants, and a spa. The casino hall is expected to open within six months, giving Genting an early advantage over its competitors, whose projects may take years to complete.
The move represents a strategic expansion as Genting faces political and religious constraints in its home market. Malaysia’s Prime Minister Anwar Ibrahim has ruled out a second casino, while the opposition Islamic party has pledged to close Genting’s existing casino if it gains control of a key state by 2028. Analysts say the New York license provides Genting a “long-term hedge” against shifting political landscapes in Malaysia.
Genting’s international footprint already spans resorts and casinos in Singapore, the UK, the Bahamas, and Egypt. The New York license follows a 2013 voter referendum that permitted up to seven non-tribal casinos in the state, with four upstate facilities already operating and three remaining licenses reserved for the New York City area.
Industry analysts say the Queens resort positions Genting for uncontested growth over the next two years, while diversifying its exposure from increasingly competitive Asian gaming markets. New gambling destinations are emerging across Asia, including Manila, Hoiana, South Korea, and Japan, alongside established hubs in Macau and Singapore.
Genting Malaysia’s stock has surged nearly 60% since hitting a 23-year low in April. Analysts expect the company’s net profit to reach RM1.93 billion (US$467 million) by 2030, a fourfold increase from 2024.
The group, led by billionaire Lim Kok Thay, started with a single casino on a jungle hilltop in 1971, founded by his father Lim Goh Tong. Today, the New York expansion marks a major step in Genting’s global growth strategy, reducing its concentration risk in Asia while tapping into one of the world’s most lucrative gaming markets.
