Good morning. Genting has moved quickly from opening the doors to expanding the footprint. The group has started work on the $5.5 billion second phase of Resorts World New York City, which will add two hotel components, a 7,000-seat arena and new gaming and hospitality facilities. The groundbreaking comes less than three months after the Queens property became New York City’s first full commercial casino. Meanwhile, Morgan Stanley says Sands China’s higher gaming volumes have yet to produce consistent EBITDA share gains, as increased customer spending and operating costs continue to squeeze margins.
What you need to know
- Genting has broken ground on Phase Two of its $5.5 billion Resorts World New York City expansion, adding hotels, an arena and new amenities.
- Morgan Stanley says Sands China’s strong gaming volumes failed to offset higher reinvestment, rising costs and weaker EBITDA margins.
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- China’s single-match football betting sales top $11.6B during World Cup.
AGB Intelligence
UNITED STATES
Genting breaks ground on $5.5B Resorts World NYC Phase Two
Genting Group began the second phase of its $5.5 billion Resorts World New York City expansion on July 22nd. Plans include two hotel additions providing 1,600 rooms, a 7,000-seat multipurpose arena, a central plaza and a new parking garage. The full development will add 2 million square feet of gaming, entertainment, dining, retail and convention space to the existing Queens property.
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