In the bustling heart of Queens, under the shadow of the iconic skyline, lies the gleaming promise of fortune’s favor: Resorts World New York. Now, its operator, the renowned Genting Malaysia Bhd, projects a lavish future for the city’s coffers, asserting that if allowed to bloom into a full-scale Las Vegas-style casino hotel, it could funnel a staggering $1 billion or more into the state’s tax reserves annually.
Amid a high-stakes race against numerous gaming titans, each with hungry eyes set on one of three coveted downstate casino licenses that New York’s discerning regulators are poised to distribute next year, Genting Malaysia Bhd has made itself a beacon of potential. Resorts World New York, which to date has been a sanctuary for slots patrons alone, fed $600 million into the state’s purse last year, a spokeswoman confided to Bloomberg—an impressive haul indeed, but merely a taste of the banquet Genting promises should it triumph in securing a license.
The Malaysian powerhouse is poised for transformation: envisioning the hum of roulette wheels, the crisp shuffle of cards in blackjack hands—all presently forbidden in their Queens establishment. Though the current 67% tribute paid from gaming device revenue would continue unwavering, a more lenient percentage would grace the earnings from these newly sanctioned table games.
Genting’s Resorts World New York is not without its challengers, nor is its quest for one of the licenses unmarred by competition. Names well-known to the New York metro area like Empire City pave the streets of contention, though no thrones have been promised by regulators as of yet.
In the same vein of Queens, tension stirs as aspirations catch wind. New York Mets magnate and financial titan Steve Cohen, in league with Hard Rock International, dreams of Metropolitan Park—an $8 billion vision for revivifying the vicinity of Citi Field, complete with its own casino hotel. A mere 15-minute stone’s throw from Resorts World New York, the fate of two casinos residing in one borough hangs in the uncertain air, bound to the whims of legislation and senatorial powers.
Yet Genting does not simply await its destiny—it shapes it. With a bond to New York flamed by years and a $1 billion tax pledge on the table, February saw them laying the groundwork for growth: a titanic $5 billion to transform and expand Resorts World New York into traditional casino splendor, should the permit be granted.
With nearly 13 years of thriving operation, having poured over $4 billion in taxes into state treasuries, Resorts World New York is no stranger to the realm of riches. This, along with owning two additional casinos upstream in New York, endows Genting with a distinct gravitas—perhaps an advantage, even, over domestic rivals. The stage is set, the players poised, and all eyes turn to the future, wondering which fortune, which destiny will rise in the heart of Queens.
