Good Morning. If I can make it there. Genting Malaysia is poised to secure a commercial casino license in New York, with analysts predicting significant earnings growth from its Resorts World New York City expansion. Meanwhile, MGM Resorts International executives consider that the group’s Asia operations continued to underpin growth in the third quarter, with record earnings in Macau and steady progress on its Japan integrated resort project. At the same time, analysts highlighted a widening gap between momentum in Macau for MGM and softer demand in Las Vegas, with weaker room rates and occupancy.
What you need to know
- Maybank analysts predict Genting Malaysia is ‘virtually assured’ of approval in a move that could transform its earnings outlook.
- MGM Resorts International executives consider that the group’s Asia operations continued to underpin growth in the third quarter.
- Analysts are sounding a mixed note on MGM Resorts as third-quarter results show a widening gap between surge in Macau and softer demand in Las Vegas.
On the radar
- CoD Manila’s Belle Corp sees 12% drop in Jan-Sept gaming revenue share.
- Konami sees 60% drop in profit from casino-related segment in 1H25.
- UAE’s gambling authority appoints new Chief of Licensing and Investigations.
- UK Gambling Commission suspends Spribe’s license over hosting compliance breach.
- Indonesia sees $56b in online gambling turnover, most players earn under $305 a month.
AGB Intelligence
CASINO LICENSE
Genting Malaysia is on track for New York casino license approval
Genting Malaysia is making significant progress in securing a commercial casino license in New York, with analysts from Maybank asserting that the company is “virtually assured” of approval. New York plans to award up to three downstate casino licenses by the end of the year, and with only three qualified bidders remaining, analysts believe all licenses will be granted to maximize revenue, benefitting Genting’s Resorts World New York City (RWNYC). The proposal is highlighted for its rapid launch timeline, ambitious scale, and substantial tax contributions, aiming to establish a full-scale casino within six months of licensing.
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