Maybank Sees Genting Malaysia US Operations Driving 36% of EBITDA by FY27

Genting Malaysia’s US casino operations could contribute 36% of group-wide EBITDA as early as 2027, according to Maybank Investment Bank. Resorts World New York City is expected to lead the increase after the property began full casino operations with table games in April.

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The US business also includes Resorts World Catskills and Resorts World Hudson Valley. Maybank analyst Samuel Yin Shao Yang said he was positive about Resorts World New York City’s prospects after the group’s US operations recorded a sharp quarterly improvement.

US EBITDA Rises After New York Launch

EBITDA from Genting Malaysia’s US operations increased 169% quarter-on-quarter to MYR216.6 million, or US$53.6 million, following the launch of table games at the New York property.

Genting Malaysia was granted 1 of 3 full casino licences for downstate New York in December. Resorts World New York City became the first of the 3 licensees to launch table games, doing so on April 28, 2026.

The other 2 licensees, Hard Rock Metropolitan Park and Bally’s Bronx, are not expected to open their new resorts until 2030. This gives Genting Malaysia a 4-year period without direct table-games competition from those planned properties in the surrounding market.

Table Games GGR More Than Doubles

Weekly table games gross gaming revenue at Resorts World New York City has more than doubled since the launch. It increased from US$4.94 million during the first week to US$9.87 million in the week ended August 9.

Maybank said GGR had continued to trend higher during the 3Q as the operations ramped up. The performance has strengthened the bank’s view of the New York property and its contribution to Genting Malaysia’s wider US business.

The casino also plans to increase its table count to 400 by early 2027. The planned total includes the deployment of VIP tables, which would expand the range of table-game offerings at the property.

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US Share Of Earnings Expands

Maybank forecasts that Genting Malaysia’s US operations will contribute 36% of group EBITDA in FY27. That would represent an increase of 20 percentage points from FY25.

The forecast makes the US segment a central earnings growth driver for the company. The bank said the expected increase in contribution supported its decision to maintain its estimates and BUY recommendation on Genting Malaysia.

The forecast is based on the continued ramp-up of Resorts World New York City, the growth in table-games GGR, and the planned expansion to 400 tables.

New York Leads Expansion

Resorts World New York City’s early table-games performance has become the main factor behind Maybank’s outlook for Genting Malaysia’s US operations. The property’s weekly GGR growth followed the April opening and continued into the 3Q.

The 2030 opening expectations for Hard Rock Metropolitan Park and Bally’s Bronx provide Genting Malaysia with a period in which it can operate table games before the other 2 licensees begin their planned resort operations.

For now, Maybank expects the US segment to become a larger part of Genting Malaysia’s earnings by FY27. Resorts World New York City will remain the key property as the company adds tables and continues to develop its US casino operations.

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Source: Inside Asian Gaming