New York Eats Malaysia: Queens Casino to Account for 36% of Genting's Earnings by 2027

For half a century, Genting Malaysia has been synonymous with a mountain: Resorts World Genting, the complex that the Lim family built 1,800 meters above Kuala Lumpur. For decades, that casino has been the group's cash register. The news is that it is about to stop being so on its own.

A report published this weekend by Maybank Investment Bank—the equity research arm of Malaysia's largest bank—estimates that the group's operations in the United States will contribute 36% of consolidated operating profit in 2027. Two years ago, that figure was around 16%. A twenty percentage point difference in twenty-four months is, in the gaming industry, practically a refounding.

It is worth clarifying before moving forward, because the original headline speaks of “earnings,” and that is easily misinterpreted. Maybank is not saying that 36% of net profit comes from the United States: it is referring to EBITDA, that is, what the company earns from its operations before paying interest and taxes, and deducting the depreciation of its buildings and machines.

It is an important difference. A newly opened casino like the one in New York carries massive debt and heavy depreciation—concrete, tables, slot machines—so its net profit takes years to look good even if its operating cash flow is skyrocketing. EBITDA measures precisely that: whether the business works on a day-to-day basis.

Nor is it official company data, but rather the projection of an analyst, Samuel Yin Shao Yang, who maintains his buy recommendation on the stock. It is an informed estimate, not an audited figure.

The trigger was the release of the second-quarter 2026 financial results. EBITDA for the U.S. division—which, in addition to New York, includes Resorts World Catskills and Resorts World Hudson Valley—grew by 169% compared to the previous quarter, reaching 216.6 million ringgit, approximately 53.6 million dollars.

The explanation lies in a single date: on April 28, 2026, Resorts World New York City opened the first live gaming tables in the history of New York City. Until then, the Queens venue operated as a video lottery terminal parlor, a format that was far less profitable per square meter and much less attractive to high-spending players.

The impact was immediate. Weekly gross revenue from the tables rose from 4.94 million dollars in the first week to 9.87 million in the week ending August 9. It doubled in just over three months. And the company plans to reach 400 tables by early 2027, including VIP tables.

Here lies the key that explains why an analyst dares to project such a leap. In December 2025, the State of New York awarded three full casino licenses for the metropolitan area. Genting was the first—and for now the only one—to open tables.

The other two licensees, Hard Rock Metropolitan Park (next to the Mets' stadium, also in Queens) and Bally's Bronx, do not expect to open their complexes before 2030. That gives Resorts World NYC nearly four years of an effective monopoly on table games in the world's wealthiest city, with more than 20 million residents in its metropolitan area and without any urban competitor.

A four-year head start in such a market is no minor circumstance: it is the group's most valuable asset right now. And it is exactly what allows Genting to increase the number of tables without fear of cannibalizing itself.

First, taxation. New York levies notably higher tax rates on table games than Nevada, and the complex's video lottery terminals are taxed at over 60% of revenue. A dollar earned in Queens is not worth the same as a dollar earned in Las Vegas, and that asymmetry is more noticeable in net profit than in EBITDA.

Second, pending investment. The second phase of the complex—a hotel tower, a 1,200-room Crockfords, and a 7,000-seat arena—involves an outlay of 5.5 billion dollars. That capital must be financed, and debt weighs on the bottom line even if it does not appear on the EBITDA line.

Third, the comparison baseline. A 169% quarter-over-quarter growth sounds spectacular because the previous quarter had no gaming tables. The relevant data will arrive when there are four full quarters comparable to one another.

And fourth: the percentage rises through two avenues, not one. If the United States comes to account for 36% of the group, it is as much because New York is growing as it is because Malaysia, the United Kingdom, and Egypt are not growing at the same pace. The Genting Highlands mountain continues to face flat domestic consumption.

The Resorts World NYC case is the clearest demonstration of a thesis the industry has repeated for years: the difference between a slot parlor and a full-scale casino is not 20% or 50%, but an order of magnitude. Adding live tables doubled weekly revenue within three months without building a single new square meter.

This takeaway is valuable for any Latin American operator currently discussing license expansions with their regulator: live gaming not only generates its own revenue, but it also drives spending in hospitality, dining, and entertainment. It is the anchor of the entire resort.

The second lesson lies in the progressive jackpot as a loyalty tool on the physical gaming floor—the space where systems like Jack7.co operate: when an operator secures temporary exclusivity in a market, the window to build a recurring player base is short and does not repeat. Genting has until 2030 to ensure New York players learn the way to Queens.