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. Increased financial burden from a full gaming license, if awarded. 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 full

...We expect Genting New York LLC (GENNY) to receive strong support from its ultimate parent GENT under almost all foreseeable 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 full casino licenses or other business opportunities. This would further cement GENNY's importance to GENT. Operating performance will remain stable in the year ahead. The company's S&P Global Ratings-adjusted EBITDA was US$83 million for the first nine months of 2023. This is up 1% year on year. Revenue increased by 9% year on year to US$263 million. This was primarily driven by higher business volumes,...

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