Key Takeaways
- During its first six operational days, Resorts World NYC generated approximately $4.9 million from table games, significantly below Maybank’s projections
- Each of the casino’s 242 tables produced an average of $3,400 daily, falling short of the anticipated $7,500 benchmark
- Slot machine revenue demonstrated strong growth, climbing roughly 20.5% year-over-year to reach $23.5 million
- Overall gross gaming revenue at the property increased 46.1% when compared to the equivalent period in the prior year
- Maybank Investment Bank retained its BUY recommendation for Genting Malaysia, anticipating gradual improvement in table game performance
The inaugural week of table game operations at Resorts World New York City delivered results that fell considerably short of analyst projections, according to recent findings published by Maybank Investment Bank.
The casino facility introduced live table games on April 28 following its receipt of one of three downstate casino licenses recently authorized by New York regulators. This milestone marked the property as the first comprehensive casino to operate within the boundaries of New York City proper.
Samuel Yin Shao Yang, an analyst at Maybank, reported that the venue’s 242 table games generated approximately $4.9 million in gross gaming revenue during the six-day span from April 28 through May 3. This translates to roughly $3,400 in daily revenue per table.
These figures represented a substantial shortfall against Maybank’s initial forecast of $7,500 in daily revenue per table. The investment bank had anticipated significantly more robust performance from the gaming tables during their debut period.
Yin identified an unusually low hold percentage as a potential contributing factor to the underwhelming results. The casino achieved a win rate of merely 14%, falling well below the 20% hold rate that Maybank had incorporated into its financial models.
Had the property achieved the more typical 20% hold rate, Maybank calculated that table game revenue would have approached $6.9 million. However, even this adjusted figure would have remained below the bank’s original expectations.
Strong Performance from Slot Machine Operations
In contrast to the table game results, slot machine operations demonstrated impressive performance. Maybank’s analysis estimated that slot machines generated approximately $23.5 million in gross gaming revenue throughout the six-day measurement period.
This figure represented an increase of roughly 20.5% compared to the approximately $19.5 million recorded during the corresponding week in the previous year. The growth exceeded what analysts had anticipated.
Yin proposed that the buzz and promotional activity surrounding the table game debut may have inadvertently boosted traffic to the existing slot machine floor.
“It seems the fanfare surrounding the rolling out of the new table games directed more gamblers to the existing slot machines than tables,” he wrote.
The combination of both gaming segments pushed total gross gaming revenue at Resorts World NYC upward by 46.1% on a year-over-year basis during the analyzed timeframe.
Concerns that the New York City venue would significantly erode revenue at the company’s Resorts World Catskills location also failed to materialize as predicted. Maybank’s estimates indicated the Catskills facility produced approximately $3.3 million in gross gaming revenue, representing a decline of roughly 11% year-over-year but performing better than some pessimistic projections had suggested.
Investment Bank Maintains Positive Outlook on Genting Malaysia
Notwithstanding the underwhelming table game debut, Maybank Investment Bank preserved its BUY rating on Genting Malaysia shares. The bank maintains that table game operations should show progressive improvement as the casino leverages Genting’s established customer database and relationships.
Yin calculated that if table game revenue ultimately achieves the projected $7,500-per-table-per-day benchmark, the new gaming tables could contribute approximately $32 million to Genting Malaysia’s annual core net profit. Notably, Maybank has not yet incorporated any revenue contribution from these new tables into its current earnings forecasts.
The investment bank characterized the debut week as essentially a “soft opening,” with Resorts World remaining in preliminary phases of expanding its comprehensive gaming portfolio.
The present complement of 242 tables is scheduled to expand to 250 by July 2026, then grow to 400 tables in January 2027, with an eventual target of 800 tables by 2029.
The table game expansion represents one component of an ambitious $5.5 billion comprehensive redevelopment strategy. By 2030, Resorts World NYC plans to operate as many as 6,000 slot machines, 800 live table games, a hotel with 2,000 rooms, extensive convention facilities, and an entertainment venue with seating for 7,000 guests.
The two additional approved downstate casino developments, Bally’s Bronx and Metropolitan Park located in Queens, are not projected to commence operations until sometime after 2030.
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