Genting Malaysia, a casino & hospitality giant, is still considering going public in New York. As a result, the company’s shares could potentially appear on the Nasdaq or New York Stock Exchange (NYSE).
The matter was once again discussed at the recent annual meeting where Tan Kong Han, the casino giant’s president and chief operating officer, said that Genting has not given up on listing in New York. The president pointed out that this move could potentially unlock value for the company and its shareholders.
Tan concluded that Genting will continue to consider this matter and evaluate the economic environment in the United States.
In any case, Genting is likely to tread lightly, considering the disastrous listing of its Empire Resorts brand. For context, the group had taken the brand public on the Nasdaq market. However, Empire Resorts failed to achieve the desired success and instead neared bankruptcy, forcing Genting to take it private once again.
Genting’s License Bid in NY Might Affect Its Decision
Genting is the parent company of the Resorts World brand, which has a significant presence in the United States’ land-based sector.
Speaking of Resorts World, the brand is currently a part of the race for the three downstate casino permits in New York. Should it grab one of the licenses, Resorts World would turn its local property, now offering only slots, into a full-fledged Vegas-style venue.
Genting promised that it could boost its taxes to $1 billion or more if allowed to turn its Queens property into a casino-hotel. In addition to this promise, Genting also promised to invest an additional $5 billion in Resorts World New York.
As one of the biggest competitors and a company with an existing presence in New York, Resorts World could well be among the winners, which could potentially affect Genting’s listing plans. The winners of the three licenses are expected to be announced in late 2025 or early 2026.
In the meantime, Genting recently confirmed that it would be interested in opening an integrated resort in the United Arab Emirates, should the country legalize gambling. This followed the creation of a UAE regulatory body that would be in charge of games of chance.
Genting isn’t the only casino giant interested in the prospects of gambling in the UAE, however, as Wynn Resorts is proceeding with its plans for Wynn Al Marjan Island.
