Genting Malaysia Bhd has indicated it could monetize some of its non-core assets as it seeks to win one of the three casino licenses up for grabs in New York.
The casino operator, which runs the Resorts World New York City racino in Queens, is considered among the frontrunners to bid and win a gaming license in downstate New York.
Genting Could Sell Miami Properties
Genting Malaysia recently held a private conference call with investment analysts during which it stated that it might raise funds for its New York casino project via monetization of non-core assets. Among the properties which could be affected by the move is its real estate in Miami worth US$1 billion, according to Samuel Yin Shao Yang, an analyst at Maybank Investment Bank Bhd.
In its latest note, Maybank downgraded its profit forecast for Genting Malaysia, saying the company’s core net profit for 2023 and 2024 would be 11% and 7% lower than the initial estimates.
Genting’s NY License Bid Comes with Risks
Moody’s previously warned that Genting Malaysia’s planned gaming expansion in the US entails some risks, which could affect its credit rating.
Genting Malaysia will be competing for a full gaming license in New York against other major casino operators which also have a presence in Asia, such as MGM Resorts International, Wynn Resorts Ltd, and Las Vegas Sands Corp.