Genting says financing is already in place for the $5.5 billion expansion of Resorts World New York City (RWNYC), as the property moves into the second phase of its development.
“Financing for RWNYC’s capital expenditure required is already in place,” Genting told The Edge Malaysia in an email response, without providing details on the funding structure.
The group said the $5.5 billion total investment comprises $1.1 billion previously invested in the existing property and $4.4 billion in new capital expenditure.
Genting broke ground on Phase 2 of the project in July, following the opening of the first phase of RWNYC’s expanded casino operations on April 28th. The property had previously operated with video lottery terminals and electronic table games before adding live table games following the award of a full gaming license.
RWNYC currently has about 3,900 slot machines and 242 table games. The expanded casino is expected to occupy about 3.4 million square feet and eventually offer 6,000 gaming machines and 800 tables by 2029.
Genting said the property’s 15-year operating history in New York and the expansion are expected to significantly enhance its long-term earnings potential.
The company also highlighted RWNYC’s first-mover advantage, with competing greenfield casino projects not expected to begin operations until 2030.
