Genting New York LLC

Overview Key strengths Key risks Strong commitment and likelihood of support from parent Genting Bhd. (GENT). Concentration in a single asset. Well established market position in New York's slot gaming market. Operational volatility during the pandemic owing to shortened operating hours and limit on capacity. GENNY has been operating the Resorts World Casino New York City (RWNYC) since 2011. GENNY is an integral part of GENT's global expansion, given its strategic position as the biggest single-asset casino operator in the metropolitan area of New York. GENNY is the biggest taxpayer in the state of New York and is the only licensed casino operator (slot machines) within New York City. As such, we expect the company to be a frontrunner in

...We expect Genting New York LLC (GENNY) to receive strong support from its ultimate parent GENT under almost all circumstances. GENNY has been operating the Resorts World Casino New York City (RWNYC) since 2011. GENNY is an integral part of GENT's global expansion, given its strategic position as the biggest single-asset casino operator in the metropolitan area of New York. GENNY is the biggest taxpayer in the state of New York and is the only licensed casino operator (slot machines) within New York City. As such, we expect the company to be a frontrunner in bidding for potential casino licenses or other business opportunities. We expect a strong performance by GENNY in 2022 with the normalization of operating hours. We forecast the operating performance in 2022 will remain resilient, similar to 2021, when we estimate the performance recovered to pre-pandemic levels. Despite the normal operating hours only since April 2021, GENNY reported EBITDA of US$90.0 million in the first nine months...

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