• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 29 June 2022
  • 中文中文
  • 日本語日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Genting Malaysia, MGM Resorts favored to win full New York casino licenses

Newsdesk by Newsdesk
Tue 12 Apr 2022 at 06:43
Genting Malaysia well placed to win full New York casino license: Maybank IB
44
SHARES
1.1k
VIEWS
Print Friendly, PDF & Email

Genting Malaysia and MGM Resorts are seen as strong favorites to win full casino licenses in New York after Governor Kathy Hochul reached a budget deal with senate leaders over the weekend to fast-track casino legislation.

Under the deal, New York can issue licenses for up to three downstate casinos, depending on the attractiveness of bids, with the New York State Gaming Facility Location Board now expected to run a competitive process similar to the upstate casino selection process conducted several years ago. The legislation sets a minimum license fee of US$500 million but gives the New York State Gaming Commission the option to accept higher bids. Slot and table tax minimums are set at 25% and 10% respectively but could also be increased as part of the bidding process.

While New York is seen as “the largest land-based gaming opportunity in years”, CBRE Equity Research analyst John DeCree said in a Monday note that the existing ETG-only casinos – Genting Malaysia’s Resorts World New York City (RWNYC) and MGM’s Empire City – held a natural advantage due to likely concerns over community support and economic development.

“Demonstrating evidence of local support and zoning approval is required for all applicants,” DeCree said, adding, “This could be the most challenging part of the process, which is one of the reasons we believe Empire City and RWNYC are front-runners for two of the three licenses.”

DeCree also noted that economic activity and business development, including maximizing revenues received by the state and localities, are the primary criteria for awarding licenses.

“This is another key reason we view Empire City and RWNYC as likely winners,” he wrote. “In addition, capital investment and job creation are key factors. The remaining criteria include mitigating the potential impact on host communities, workforce enhancement, sustainability and diversity.”

DeCree estimated the total addressable market in New York at US$4.8 billion in GGR, estimating that MGM’s Empire City could generate US$1.28 billion in gaming revenue and US$1.45 billion in total revenue annually.

RelatedPosts

Aristocrat completes US$965 million fundraising exercise for Playtech bid

Aristocrat Gaming names Oriana Branon as Vice President of Communications and Corporate Affairs

Tue 28 Jun 2022 at 05:57
Century Entertainment granted two gaming tables as Ng Man Sun opens new casino in Cambodia’s Dara Sakor

Century Entertainment says loss narrowed for FY22

Tue 28 Jun 2022 at 05:26
2021 Asian Gaming Power 50: Ones to watch

“Casino king” Dhammika Perera asked to save Sri Lanka’s failing economy

Mon 27 Jun 2022 at 05:43
Pacific puzzle

Imperial Palace planning to reopen Saipan casino in November

Mon 27 Jun 2022 at 05:21
Load More
Tags: casinoGenting MalaysiaJohn DeCreeNew YorkNorth AmericaResorts World New York City
Share18Share3
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial: The Philippines: Asia’s rising star

Editorial: The Philippines: Asia’s rising star

by Ben Blaschke
Mon 30 May 2022 at 23:55

Macau has for the best part of two decades been recognized as the undisputed king of Asia when it comes...

We’re Back!

We’re Back!

by Ben Blaschke
Mon 30 May 2022 at 23:39

While Macau’s operators have reached nine consecutive quarters of substantial GGR losses, the rest of Asia is opening up and...

Into the Sunset

Into the Sunset

by Pierce Chan
Mon 30 May 2022 at 23:29

Pawnbroking has a long history in Macau, dating all the way back to the late Qing Dynasty. The rapid development...

Metaverse: The ultimate destination marketing tool?

Metaverse: The ultimate destination marketing tool?

by Victoria White
Mon 30 May 2022 at 23:17

In the first of a two-part series, MdME’s Victoria White takes a closer look at the rising world of metaverses...

Related Posts

Confirmed number of COVID cases in Macau reaches 414

Confirmed number of COVID cases in Macau reaches 414

by Pierce Chan
Tue 28 Jun 2022 at 10:39

The number of confirmed positive cases of COVID-19 since the continuing Macau outbreak began on 19 June has reached 414, as of 9am (Macau time) on Tuesday 28 June. There were 57 new cases found in the past 24 hours...

Aristocrat completes US$965 million fundraising exercise for Playtech bid

Aristocrat Gaming names Oriana Branon as Vice President of Communications and Corporate Affairs

by Newsdesk
Tue 28 Jun 2022 at 05:57

Aristocrat Gaming, the gaming division of Aristocrat leisure Ltd’s subsidiary Aristocrat Technologies Inc, has announced the appointment of Oriana Branon as Vice President of Communications and Corporate Affairs. Branon, who previously led corporate communications for financial tech giant Bill.com, will report...

Century Entertainment granted two gaming tables as Ng Man Sun opens new casino in Cambodia’s Dara Sakor

Century Entertainment says loss narrowed for FY22

by Newsdesk
Tue 28 Jun 2022 at 05:26

Century Entertainment International Holdings has issued a profit alert, revealing it expects to narrow its loss attributable to owners of the company to HK$3.3 million (US$421,500) for the year ended 31 March 2022. This is down from a loss of...

SJM confirms casino table, machine limits for Grand Lisboa Palace opening day

Moody’s downgrades SJM’s outlook to negative on Macau COVID concerns

by Ben Blaschke
Tue 28 Jun 2022 at 05:13

Moody’s Investors Service has downgraded the outlook on Macau’s SJM Holdings Ltd and its subsidiary Champion Path Holdings Ltd to negative, citing uncertainty around its recovery runway. The agency has, however, confirmed SJM’s Ba3 corporate family rating (CFR) and the...


HKUST

HKUST

Simple Play

IAG

© 2005-2022
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • Contributors
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About

© 2005-2022
Inside Asian Gaming.
All rights reserved.