Genting Group Eyes Thriving Thai Casino Market Amid New York Regulatory Delays

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In a surprising turn of events, the Genting Group, a Malaysian gaming giant, is eyeing significant opportunities in Thailand’s rapidly advancing casino regulations. On the flip side, it’s finding the regulatory landscape in New York less favorable. After all, life, for some, can seem like a game of poker, holding a blend of promising aces and less desirable cards.

The Genting Group is widely perceived as an influential player in Thailand’s burgeoning casino industry. This position is backed by well-informed opinions from Nomura, a leading research firm, which does not rule out the Malaysian conglomerate’s potential to secure one of the three downstate casino licenses in New York amid ongoing regulatory delays.

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In a bold move, subtle yet determined, the Genting Group is primed to jump onto the bidding bandwagon to establish an Integrated Resort (IR) in Thailand once cleared. This comes despite the country’s pending approval of its entertainment districts, likely to house casino resorts.

The swift strides of Thailand’s legislative processes have caught the attention of industry observers worldwide. Excitement is rippling through the industry as expectations rise for potential approval of gaming legislation by year’s end, triggering the countdown for the opening of the country’s inaugural casino resorts, tentatively slated for 2029.

In contrast, the regulatory scenario in New York paints a starkly different picture. Its sluggish pace and absence of clarity have set off waves of frustration among eager industry bigwigs, who were initially hoping for a positive resolution this year. Instead, they may find themselves lingering in uncertainty until late 2025 or early 2026.

Despite the trying circumstances in New York, Genting, the operator of Resorts World New York in Queens, has proved its resilience. Still viewed as a leading contender among the likes of MGM Resorts International, it aims to scoop up one of the golden triad of downstate permits.

Analysts at Nomura believe Genting holds a distinctive advantage over other entrants to the Big Apple’s gaming scene, given its pre-existing facility in Queens and robust community relations. Though, they opine, the continued delay in the licensing process means any excitement from New York will remain at bay, possibly until next year.

Earlier this year, the Genting Group promised a sizable $5 billion infusion to revamp the Queens venue into a Las Vegas-style casino hotel, provided it bags one of the highly coveted permits. Plans comprising a grand transformation that would replace the venue’s slots-only silhouette could potentially generate a staggering $1 billion or more in annual tax receipts for the state.

The Genting Group’s home frontier wasn’t devoid of sensation either. Reports hinted at talks between Malaysian officials and Genting executives about constructing another integrated resort in the nation’s southern region. Such an addition could have negatively impacted Genting’s existing gaming property in Malaysia and Resorts World Sentosa in Singapore.

In a firm stance, Genting dismissed the idea of presenting another casino hotel to Malaysia. Law officials are delving into allegations against Bloomberg for publishing an article claiming the Prime Minister discussed gaming expansion with Genting. The discredited article now puts to rest any concerns regarding Malaysia and Singapore Integrated Resorts, casting a favorable light on the future potential of Genting Singapore, Genting Malaysia, and parent group Genting Berhad.