Zaclim wrote a post · Jul 10 08:17

Genting’s High-Roller Ambition: What’s at Stake in New York’s Casino Race

$GENTING (3182.MY)$ is making a bold bet to secure one of three full-scale casino licenses in New York City, aiming to upgrade its existing Resorts World NYC. This high-stakes race could be a transformative catalyst for the gaming giant.

The Potential Payoff: The Bull Case
1. The Goal: Upgrade its current slot machine facility to a full-fledged integrated resort with table games.
2. Massive Revenue Potential: Projects US$2.2B in annual revenue from the NY property by 2027 if successful, rivaling top global casinos.
3. Key Advantage: "Speed to market." As an existing operator, it has a head start over competitors proposing brand-new sites.

The Hurdles & Global Picture: The Bear Case
1. Fierce Competition: It's up against 7 other groups, including gaming giants like MGM and Caesars.
2. Cautious Market: Despite a healthy recovery at its other global properties (Malaysia, Singapore, Las Vegas), Genting's share price is down ~17% YTD, reflecting investor caution.
3. Significant Risks: The upgrade requires huge capex, and uncertainties remain around final tax rates and regulatory approvals.

Investor Outlook:
This is a high-risk, high-reward play. Winning the license would be a game-changer, likely triggering a major re-rating of the stock. The decision, expected by December 2025, is the single most significant catalyst on the horizon.

Until then, the stock remains a speculative but compelling wager on one of the biggest prizes in the global gaming industry.

Is Genting's New York bet a winning hand, or is the risk too high? #BursaMalaysia #Genting #Casino #Investing

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