Preparing to open — just how big is Genting’s New York casino?

Kuala Lumpur, Jan 12 — With a commercial casino license in New York now secured, Genting Malaysia (GENM) has begun preparations for its large-scale new casino project, with the first phase expected to open 250 gaming tables. The rollout plan has become a key factor for analysts assessing the company’s earnings outlook.

Genting Malaysia obtained the New York casino license on Dec 16 last year. The new development is set to include a 500,000 sq ft casino floor, 6,000 slot machines, 800 gaming tables, 2,000 hotel rooms, a 7,000-seat entertainment venue, more than 30 food-and-beverage outlets, extensive convention space, and over 10 acres of landscaped recreational areas.

An analyst at CIMB Securities noted that funding the license fee and initial capital expenditure will likely require debt financing for Resorts World New York City, lifting interest costs. As a result, the analyst cut GENM’s FY2026 (financial year ending Dec 31) core earnings-per-share forecast by 8%. The analyst added that operating only 250 of the planned 800 tables in the early stage may not generate sufficient revenue to fully offset the higher interest burden.

Still, the analyst remains constructive on GENM’s medium-term prospects. The FY2027 core EPS forecast was raised by 25%, reflecting an expected increase in table capacity to 400 tables in January 2027 and the contribution of a full year of New York casino revenue.

The analyst expects GENM’s core EPS to edge down 1% year-on-year in FY2026, before rebounding strongly in FY2027 with 39% year-on-year growth. The report also forecasts no dividend payouts from FY2025 to FY2027, as the company is expected to retain cash to reduce leverage and fund expansion at Resorts World New York City.

On balance, CIMB upgraded GENM’s rating from “Hold” to “Buy” and raised its target price by 6% to RM2.70.