Resorts World New York City’s (RWNYC) newly launched table games generated lower-than-expected gross gaming revenue (GGR) in their first six days of operation, although slot machine revenue surged during the same period, according to a Sunday research note from Maybank.
Maybank analyst Samuel Yin Shao Yang said the casino’s 242 new gaming tables produced $4.9 million in GGR between April 28th and May 3rd, equivalent to around $3,400 per table per day, below the bank’s estimate of $7,500 per table per day.
The analyst said part of the underperformance was linked to a ‘low win rate’ of 14 percent. Maybank estimated that, normalized to a 20 percent win rate, the new tables would have generated around $6.9 million in GGR, or roughly $4,759 per table per day.
Resorts World New York City, operated by Genting Malaysia Bhd, became the first casino to introduce table games in New York City when operations began on April 28th.
Despite the softer-than-expected table games performance, slot machine GGR at the property rose sharply to $23.5 million during the week ended May 3rd, compared with Maybank’s estimate of approximately $19.5 million for the comparable week a year earlier.
Yin said the ‘fanfare’ surrounding the table games launch may have directed more gamblers toward existing slot machines rather than the new tables.
The research note also indicated that Resorts World Catskills appeared ‘more resilient than we expected,’ with total GGR declining 11.1 percent year-on-year to $3.3 million.
Maybank maintained its BUY call on Genting Malaysia, stating that it remains ‘early days yet’ for the New York City operation.
The investment bank noted that Resorts World New York City plans to progressively expand its facilities through 2030, including additional gaming tables, slot machines, hotel rooms, convention space and an arena.
