Fitch Sees Resorts World New York EBITDA Reaching $450 Million by 2028 as Genting Spending Prompts Downgrade
TL;DR — Fitch expects Resorts World New York EBITDA of $208 million this year and around $450 million by 2028 on first-mover advantage. Genting Bhd was downgraded to BBB- in part due to sizable spending plans in New York and Singapore, though Genting New York was affirmed at BBB- with stable outlook. Spending is likely to tally $800 million annually over the medium term and will put pressure on Genting New York’s credit metrics.
SCCG Take — Construction spending will test credit metrics before competitors open, yet timely EBITDA delivery could lock in market leadership for Resorts World New York.
Fitch Ratings expects Resorts World New York EBITDA to reach $450 million by 2028. The forecast reflects the Queens property’s first-mover advantage after table games launched this year. Parent company Genting Bhd faces credit rating pressure from the related capital outlays.
The agency downgraded Genting Bhd to BBB-, the lowest investment grade, from BBB. It affirmed Genting New York’s BBB- rating with a stable outlook. Total pledged spending on the New York project stands at $5 billion, with $700 million already deployed.
EBITDA Outlook for Resorts World New York
Fitch projects $208 million in EBITDA for the property this year. That mark sits below the prior forecast of $215 million. The figure stands to climb as more tables and slot machines enter service and margins normalize at scale.
Resorts World New York holds a head start over Bally’s in the Bronx and Hard Rock in Queens. Both competitors remain several years from opening. The surrounding dense population and high income levels further support the earnings trajectory.
Credit Constraints on Genting Entities
Remaining expenditure of $3.7 billion deploys over five years. Annual spending will average $800 million over the medium term. These commitments will pressure Genting New York credit metrics throughout construction.
Fitch views Genting Malaysia as financially weaker than peers. Its leverage sits above 3.0x, compared with around 2.5x at Las Vegas Sands. According to Casino.org News, the dynamics capture the tension between growth spending and balance-sheet effects.
Operators entering similar expansion cycles will track how construction-phase leverage interacts with first-mover revenue gains. Execution on the table-game rollout and slot additions will determine whether projected EBITDA materializes on schedule.
Reporting: Casino.org News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
First-mover advantage in Queens looks strong, but $3.7 billion in remaining spend will squeeze Genting's credit metrics until rivals open.
We track capital deployment across every major regulated market, and New York is now a five-billion-dollar proof point: early table-game licenses and dense demographics can deliver serious EBITDA growth, but only if operators can stomach years of leverage pressure while construction runs and competitors lag.
- Resorts World New York EBITDA expected to reach $450M by 2028 from $208M in 2025
- Genting downgraded to BBB- as $3.7B in remaining spend averages $800M annually
- Property holds multi-year head start over Bally's Bronx and Hard Rock Queens
SCCG angle: SCCG connects operators and investors to the credit, construction, and market-entry advisors who have navigated expansion cycles in every U.S. regulated market. We help clients model first-mover economics and secure the vendor, finance, and operational partners who can execute billion-dollar builds without breaking credit covenants.
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