Genting New York LLC

Overview Key strengths Key risks Strong commitment and likelihood of support from parent Genting Bhd. 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. Genting New York has been operating the Resorts World Casino New York City (RWNYC) since 2011. The company is an integral part of Genting Bhd.'s global expansion, given its strategic position as the biggest single-asset casino operator in the metropolitan area of New York. Genting New York is the biggest taxpayer in the state of New York. As such, we expect the company to be a frontrunner in bidding for potential full casino licenses or other business opportunities. This would

...We expect Genting New York LLC to receive strong support from its ultimate parent Genting Bhd. under almost all foreseeable circumstances. Genting New York has been operating the Resorts World Casino New York City (RWNYC) since 2011. The company is an integral part of Genting Bhd.'s global expansion, given its strategic position as the biggest single-asset casino operator in the metropolitan area of New York. Genting New York is the biggest taxpayer in the state of New York. As such, we expect the company to be a frontrunner in bidding for potential full casino licenses or other business opportunities. This would further strengthen Genting New York's importance to Genting Bhd. Genting New York's 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 2024. This is similar to the corresponding period in 2023. Revenue increased by 4% year on year to US$274 million. This was primarily driven...

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