Genting Malaysia’s U.S. casinos are set to become a much bigger part of group earnings by fiscal 2027, with Resorts World New York City at the centre of that growth.
Maybank Investment Bank said the company’s U.S. operations could account for 36% of group EBITDA in FY27, up 20 percentage points from FY25. The bank’s analyst Samuel Yin Shao Yang said he was bullish on the property after a strong start to full casino operations and said the earnings growth driver supported the firm’s estimates and BUY call.
The note followed Genting Malaysia’s 2Q26 results. US operations EBITDA rose 169% quarter-on-quarter to MYR216.6 million, or US$53.6 million, according to the report, while the US and Bahamas segment posted a 166% year-on-year rise in revenue to MYR1.53 billion, or US$378 million.
That helped group revenue rise 32% to MYR3.85 billion, or US$952 million. Group adjusted EBITDA still fell 18% year on year to MYR844 million, or US$209 million, and profit narrowed to MYR27 million, or US$6.7 million, from MYR398.1 million, or US$98.4 million, a year earlier. The company said opening costs at Resorts World New York City and a foreign-exchange loss weighed on the bottom line.
Nomura separately called the quarterly performance a positive surprise, despite disruption from the war in the Middle East to flights and tourist arrivals. Genting Malaysia’s own earnings release said the global economic environment remained uncertain, with renewed geopolitical tensions and macroeconomic risks weighing on the outlook.
The New York property launched full-scale casino play on 28 April, after the state gaming commission recorded the site as moving from VLT operations on 27 April to commercial casino operations the next day. Genting Malaysia was granted one of three downstate New York full casino licences in December and became the first of the three licensees to launch table games.
RWNYC initially offered 242 table games and 2,500 slot machines, then added another 1,400 slots in July. Genting Malaysia also said it broke ground on the next phase of the US$5.5 billion expansion in late July.
State data show table-game gross gaming revenue at RWNYC rising from US$8.95 million in the week ending 26 July to US$9.58 million a week later and US$9.87 million in the week ending 9 August. Maybank said weekly table-game GGR had more than doubled from US$4.94 million in the first week of play, and that performance in 3Q26 to date was still trending higher as operations ramped up.
The bank said RWNYC plans to raise its table count, including VIP tables, to 400 by early next year.
