Genting Malaysia shares climb on NYC casino approval

KUALA LUMPUR: Shares in Genting Malaysia Bhd (GenM) rose in early trade Tuesday after its US indirect subsidiary emerged as one of three bidders chosen for a coveted full commercial casino licence in New York City.

The counter rose 0.85%, or two sen, to RM2.37, with 9.50 million shares traded at 10:04 am. Its parent company, Genting Bhd, added nine sen, or 2.68%, to RM3.45 on 2.18 million shares.

Trading in GenM and Genting had been halted from 9 am and resumed at 10 am on Tuesday.

GenM’s indirect wholly-owned subsidiary, Genting New York LLC (GENNY), is among three selected by New York’s Gaming Facility Location Board (NYGFB) on Dec 1, 2025, for a full commercial casino licence in downtown New York.

Genting was chosen alongside New York Mets owner Steve Cohen and Bally’s Corp for one of New York City’s three available casino licences.

“The board wishes to announce that the bid by GENNY has been selected by NYGFB to proceed to licensure consideration by the New York State Gaming Commission (NYSGC), on Dec 1, 2025,” GenM said in a filing with Bursa Malaysia.

“The NYSGC is expected to announce the issuance of licenses by Dec 31, 2025. GenM will make appropriate announcements once there are further material developments in relation to this matter,” it added.

Genting proposed a US$5.5bil, 5.6-million-sq-ft integrated resort at the Aqueduct Race Track near John F. Kennedy International Airport in Queens will include 6,000 slot machines, 800 gaming tables, 2,000 hotel rooms, a 7,000-seat arena, more than 30 dining outlets, over 7,000 parking spaces and several acres of community greenspace.

The group said full casino and table-game operations could begin within six months of receiving a gaming facility licence, adding that the project’s scale and readiness would generate new revenue for New York State almost immediately.

In its selection document, New York’s Gaming Facility Location Board (GFLB) said: “After a comprehensive review, the Board determined that awarding three licenses would best serve the State’s long-term economic, fiscal, and community objectives. That determination was based solely on the criteria specified by the New York State Legislature.”

“The Board’s consultants project that the total downstate casino market - comprised of these three casinos - could reach approximately US$5.5bil in gross gaming revenue in 2033, the projected market stabilisation year,” it said.

Assuming licensing at each applicants’ proposed tax rates, incremental gaming tax revenue is projected to reach approximately US$1bil annually by 2036, totaling around US$7bil in incremental tax revenue from 2027 to 2036, plus US$1.5bil in licensing fees.

“If the Board selected two applicants for a commercial casino license instead of three, the Board consultants project the State would receive US$1.1bil to US$3.7bil less incremental gaming tax revenue from 2027 to 2036. Additionally, a failure to award all three licenses would result in US$500mil less in license revenue,” it said.

Separately, Genting has raised its stake in GenM to 73.13% following the closure of its RM2.35-per-share takeover offer. Despite the increased ownership, Genting Malaysia will remain listed.