On December 1, 2025, Malaysian conglomerate Genting Bhd faced a significant setback as its attempt to privatise its subsidiary, Genting Malaysia (GENM), was unsuccessful. Genting Bhd had been seeking to acquire at least 75% of GENM shares to delist it from the Malaysian stock exchange, but fell short, obtaining only 73.13% by the deadline. This move was intended to consolidate its holdings and streamline operations, reflecting a strategic focus on leveraging stronger financial backing for future projects.
However, this disappointment was mitigated by positive developments in the United States, where a New York board recommended that Genting’s application for a full casino licence at Resorts World New York City be approved. This recommendation is contingent upon a final review and approval by the New York State Gaming Commission, which is expected to make a decision by December 31. The approval of this licence could represent a major win for Genting, aligning with its long-term vision to expand its presence in the lucrative North American gaming market.
Genting has laid out ambitious plans for its New York venture, proposing a $5.5 billion investment to transform the current slot parlour at Resorts World New York City into a comprehensive integrated resort. The upgrade aims to feature a sprawling 500,000-square-foot gaming floor with up to 6,000 slot machines and 800 table games. This expansion reflects Genting’s strategy to capitalize on the growing demand for entertainment and leisure activities in the region, as New York is poised to become one of the largest gaming markets in the United States.
The company’s intention to privatise GENM was intrinsically linked to its New York ambitions. As stated in official filings, Genting expected that gaining full control over GENM would bolster its financial strength and enable it to support the substantial capital requirements of the New York project. However, the offer to purchase the remaining GENM shares—pitched at RM2.35 (approximately US$0.57) per share—was met with resistance from shareholders.
Market analysts observed that the bid’s failure stemmed from an underwhelming valuation, offering only a modest 10% premium over the stock’s recent trading price. This was a sticking point for long-term investors who had acquired their shares at higher prices during periods of underperformance. They felt that the offer did not adequately represent the intrinsic value of GENM, which operates prominent properties like Resorts World Genting near Kuala Lumpur, Resorts World Las Vegas, and Resorts World Sentosa in Singapore.
“Long-term shareholders were left unconvinced by the offer,” analysts noted, emphasizing that many investors believed the proposal undervalued the company’s potential, particularly given its diverse portfolio and future prospects. This sentiment was echoed by Tradeview Capital portfolio manager Neoh Jia Man, who highlighted that the bid did not account for the strategic value and growth potential of GENM’s assets.
In the broader context of the gaming industry, Genting’s strategic pivot towards the United States is indicative of a larger trend where Asian gaming giants are increasingly targeting Western markets. With the saturation and regulatory challenges in Asian markets, including stricter controls in Macau and other regions, companies like Genting are seeking growth avenues in the West. The potential success of the Resorts World New York City project could serve as a springboard for further expansions in North America and beyond.
In a parallel development, the New York Gaming Facility Location Board also recommended the approval of a Hard Rock casino as part of the Metropolitan Park project at CitiField in Queens, and a Bally’s casino in the Bronx. This competitive landscape in New York underscores the high stakes and intense competition among major players aiming to capture market share in the burgeoning casino industry.
Despite the setback in Malaysia, Genting’s leadership remains optimistic about the company’s future trajectory, particularly with the New York project poised to take center stage. The company believes that a successful expansion in New York could enhance its brand and operational reach, potentially offsetting the challenges faced in other markets.
Conversely, some industry commentators caution that over-reliance on the success of the New York project could expose Genting to significant risks, especially if regulatory or market conditions do not favorably evolve. Balancing its portfolio and ensuring sustainable growth across different geographic regions remains a critical challenge for Genting in the coming years.
As the December 31 deadline approaches for the New York State Gaming Commission’s decision, all eyes will be on whether Genting can secure the coveted casino licence. The outcome will not only shape the company’s future in the United States but also influence its strategic decisions and investor confidence going forward.
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