Fitch sees Genting New York EBITDA reaching US$450mln by 2028

Fitch Ratings Inc expects Genting New York LLC, operator of casino complex Resorts World New York City (RWNYC), to generate earnings before interest, taxation, depreciation and amortisation (EBITDA) of about US$450 million in 2028, as the property progressively expands its gaming offering. Genting New York is a subsidiary of Genting Malaysia Bhd, part of Malaysian conglomerate Genting Bhd. Genting Malaysia operates Malaysia’s only casino property, Resorts World Genting, and also runs gaming operations in the United Kingdom, Egypt, and the Bahamas, as well as in the United States. Fitch said in a Thursday report that it expects EBITDA at Genting New York to reach US$208 million in 2026, slightly below its previous estimate of US$215 million. The ratings agency attributed the downward revision to “higher start-up operating costs tied to the phased rollout” of the expanded gaming operation. Gaming revenue at RWNYC (pictured) had risen “sharply” since the introduction of table games in April, reflecting what Fitch described as “robust early demand”. The institution said RWNYC was on track to have 400 table games in operation by January 2027. Phase two of the property’s expansion began in July this year. “We expect EBITDA to reach around US$450 million by 2028 as more tables and slot machines are added and margins normalise with scale,” Fitch stated. It added that RWNYC continued to benefit from a “first-mover advantage” in the New York market, “supported by a dense population base and high-income levels in its surrounding catchment area”. Genting New York was awarded in December 2025 a full commercial casino licence to transform RWNYC into a US$5.5-billion integrated resort. Fitch said approximately US$700 million of the remaining US$4.4 billion pledged for the expansion had been spent to date, including US$500 million for the licence fee. That leaves about US$3.7 billion to be deployed over the next five years. The institution expects capital expenditure related to the project to remain high, averaging approximately US$800 million annually over the medium term, putting pressure on Genting New York’s credit metrics during the construction period. The ratings agency also said it expects Genting Malaysia’s consolidated revenue to rise to MYR13.78 billion (US$3.38 billion) in 2026, from MYR12.00 billion in 2025. Revenue is forecast at MYR15.40 billion in 2027 and MYR15.90 billion in 2028. Genting Malaysia’s EBITDA is forecast to increase from MYR3.42 billion in 2026 to MYR4.13 billion in 2027, followed by MYR4.56 billion in 2028. Fitch expects the group’s EBITDA margin to improve from 24.8 percent this year to 28.7 percent in 2028. Fitch earlier this month downgraded Genting Malaysia’s long-term issuer default rating to ‘BBB-’ from ‘BBB’, following a similar downgrade for its 73.8-percent parent, Genting Bhd. The ratings agency also said Genting New York’s gaming licence was “highly valuable” to the group, given the scarcity of licences in what it described as a large and underserved market. S&P Global Ratings said in early September that Genting Bhd had “no more buffer” for further earnings disappointment, with elevated spending and weak operating results keeping the group at risk of losing its investment-grade rating.