As Genting Malaysia Bhd sizes up its chances of winning a New York City casino license, it has increased its investment in two casinos in New York State.
According to Asia Gaming Brief, the company is investing an additional $100 million into Empire Resorts, for a total investment of $624.4 million. The move will increase Genting Malaysia’s share of the operator from 49 percent to 76.3 percent.
Empire Resorts runs Resorts World Catskills, an integrated casino resort 90 miles from New York City, which opened in January 2019; and Resorts World Hudson Valley, which offers mobile sports betting and is expected to add 1,200 video lottery terminals by the end of the year.
Genting said the investment was based on “Empire’s performance … on an upward trajectory” and a “strong rebound in its operational performance since June 2021.”
The company said its goal is to help the local subsidiary “further capitalize on the growth prospects of Empire and reinforce its position in the New York State gaming market” and boost its chances to get a full casino license in New York City. Genting currently runs Resorts World New York in the borough of Queens, which offers video lottery terminals and electronic slots. The crown jewel would be a casino located in the heart of New York City, in Manhattan.
According to the website PlayNY, New York Governor Kathy Hochul supports a plan to award three downstate casino licenses, allowing the Queens property and MGM Empire City in Yonkers to become full-fledged casinos, and also awarding a third license.
In an interview with PlayNY earlier this year, Resorts World New York Chief Marketing Officer Darlene Monzo said, “Genting didn’t come to New York to have a place with slots. The vision was always that we have one of the largest slot floors in the country—6,500 slots on the Queens property—and we have a full-service casino up at the Catskills. But the dream, the vision was to always have it in New York City.”
