An applicable gaming machine tax rate for Resorts World New York City (RWNYC), downstate New York’s first full-service casino, has been cut by 12 percentage points with effect from April 28, as it switched from video lottery terminals to commercial-casino slot machines. That is according to a Thursday note from Maybank Investment Bank Bhd.
The institution said it could boost 12-month earnings for the property’s controller, Genting Malaysia Bhd, by as much as US$100 million. Genting Malaysia had on Thursday reported a first-quarter loss, despite higher revenue.
Analyst Samuel Yin Shao Yang stated in a memo after Genting Malaysia’s results: “The gaming machine tax rates at RWNYC have been reduced to 56 percent from 68 percent when Genting Malaysia converted them to slot machines from video lottery terminals on 28 Apr 2026,” as part of the property’s move to being a full-service casino, from an electronic gaming venue.
The impact of the tax change “is significant as we estimate that this would boost [calendar-year 2026] earnings by US$68 million or circa US$100 million on a full-year [12-month] basis.”
In Thursday’s memo the bank said it was cutting its forecast for Genting Malaysia’s 2026 earnings by 11.0 percent, “on lower Resorts World Genting and Genting United Kingdom earnings before interest, taxation, depreciation, and amortisation (EBITDA) margins,” as results “underwhelmed on payroll cost pressures”.
But Maybank stated it was raising full-year 2027 and 2028 earnings estimates by 24.9 percent and 25.8 percent respectively, “on RWNYC table games contribution”.
The institution added: “Earnings should strengthen from second-quarter 2026 onwards, supported by RWNYC table games revenue and lower gaming machine tax rates.”
RWNYC (pictured in a file photo) – part of the brand’s global portfolio of gaming properties – had an April 28 launch as a full-service casino. Maybank had suggested in a mid-May note, that the venue’s earnings potential could surpass long-term the Genting group’s first and flagship property, its Malaysian casino monopoly Resorts World Genting.
Nonetheless, of the three successful bidders for downstate New York casino licences, RWNYC proposed the highest gaming tax rate, at 56 percent on slots and 30 percent on gaming tables.
Genting Malaysia runs gaming in Malaysia, the United States, the Bahamas the United Kingdom and Egypt.
Its ultimate parent is gaming and plantations conglomerate Genting Bhd. Mr Yin made reference in his note, to the attempt by Genting Bhd to reach a 75 percent shareholding in Bursa Malaysia-listed Genting Malaysia, to take it private.
“We do not discount the possibility that Genting [Bhd] will attempt to take over Genting Malaysia again,” stated Maybank.
