Content Writer: Janice Chew • Tuesday, 25/10/2025 - 15:25:54 - PM
According to Maybank IB, all three remaining contenders for the upcoming full commercial casino licences in the Downstate New York region are “virtually assured” of being granted licences, with Genting Group (via Genting Malaysia) viewed as the frontrunner. The context is that the competition recently narrowed significantly after the withdrawal of some high-profile bidders.
Genting’s bid got a substantial boost after MGM Resorts International withdrew its application, leaving only three bidders vying for up to three full licences in the New York City-area market. Maybank IB’s commentary reflects this changed competitive landscape and suggests that the remaining players face minimal head-to-head elimination risk.
One of the reasons Genting is considered the strongest contender is its existing footprint in New York via its “slots-only” facility, which provides operational scale and local familiarity. In its revised proposal, Genting Malaysia has elevated its licence fee offer and gaming tax commitments, reportedly proposing a US$600 million fee and tax rates of 56 % for slots and 30 % for table games.
From Maybank IB’s perspective the key takeaway is: with three bidders for three licences, the winner risk is significantly reduced; the focus now shifts to scale, community impact, financial package and speed to market. That positions Genting favourably but still leaves room for the other two to win, subject to evaluation by the New York State Gaming Facility Location Board and regulators.
In summary, the betting market as seen by Maybank IB now places all three remaining bidders in a very strong position, and Genting appears to hold the edge due to its existing local presence, upgraded proposal and streamlined execution plan. The final decision is expected later this year, at which point the regulators will formally grant the licences.
