Fitch Ratings has cut Genting Bhd to BBB- from BBB, while affirming a BBB- rating with a stable outlook on Genting New York, the wholly owned subsidiary that operates Resorts World New York. The agency said the parent’s downgrade was driven largely by heavy expansion spending in New York and Singapore.
According to Casino.org, Genting has pledged $5 billion to advance the Queens property. Fitch said about $700 million has already been spent, including $500 million for the licence fee, with the remaining $3.7 billion due to be deployed over the next five years. It expects spending to average about $800 million a year over the medium term, and said that will pressure Genting New York’s credit metrics during the construction period.
The same report also showed Fitch becoming more optimistic about the casino’s earnings. It forecast Resorts World New York would generate $208 million of EBITDA in 2026, down from an earlier estimate of $215 million, then about $450 million by 2028. The agency attributed that rise to more tables and slot machines being added and to margins normalising with scale.
The property has been operating in Queens for more than a decade, near Aqueduct Racetrack, and a New York State Gaming Commission weekly revenue filing shows it ceased operating as a VLT facility on 27 April and began operating as a commercial casino on 28 April. As reported in August, analysts were already looking for Resorts World New York City to become a much bigger part of Genting Malaysia’s earnings by FY27.
Fitch also said Resorts World New York is on track to open 400 table games by January.
