Malaysian gaming operator Genting is facing some near-term upheaval, facing new competition from Thailand and waiting to see if it will win one of three full-scale casino licenses in New York City.
Thai lawmakers are now considering a legal casino industry that would court the same travelers who visit Genting resorts in Singapore and Malaysia—respectively, Resorts World Sentosa and Resorts World Genting.
Thailand’s House of Representatives has already approved a report recommending integrated resorts (IRs) in up to eight locations around the country. The Thai cabinet has also endorsed the report, which is now under review by the Ministry of Finance.
In a recent investor note, Nomura analysts Tushar Mohata and Alpa Aggarwal wrote that Genting will likely be among the bidders for a Thai casino license “once the process starts.”
At the same time, the company is a prime candidate for a full-scale casino license in New York City, one of three up for grabs.
According to Inside Asian Gaming, state gaming commissioners have announced that a decision on the licenses won’t be made until at least late 2025 as the state undertakes environmental assessments and considers zoning changes. Both Genting and MGM Resorts are considered shoo-ins because they already operate slot parlors in the city: Resorts World New York City in Queens and the Empire City Casino in Yonkers.
But the Nomura analysts say the delay in New York is a negative for Genting.
“While we think Genting Malaysia has an edge over other bidders due to its pre-existing facility in Queens and strong community relations,” they wrote, “the delay in the license process means any positive catalyst from New York will have to wait, at least until next year.”
One positive note is the seeming end of speculation that Malaysian officials will okay a second casino license for the southern Malaysian city of Johor, in a development known as Forest City. That development “should remove an overhang on the Malaysia and Singapore IRs, and is a positive development for Genting Singapore, Genting Malaysia and Genting Berhad,” the analysts wrote.
