Fitch Projects $450 Million EBITDA for Genting New York by 2028 as RWNYC Expansion Advances
Fitch forecasts Genting New York EBITDA at US$450 million by 2028 and US$208 million in 2026 after cutting its prior 2026 figure. The downward revision reflects higher startup costs from the phased rollout at Resorts World New York City, where table games have driven strong revenue. Annual capex near US$800 million will pressure credit metrics through the construction period.
SCCG Take — The New York licence supplies scarce long-term value, yet the US$3.7 billion still to spend will test credit metrics before EBITDA scales. Operators must sequence capital outlays against verifiable demand to protect ratings.
Fitch Ratings expects Genting New York LLC to generate US$450 million in EBITDA by 2028. The projection tracks the phased expansion of gaming at Resorts World New York City after the operator secured a full commercial casino licence in December 2025 to build a US$5.5 billion integrated resort.
The agency now forecasts US$208 million in EBITDA for 2026, below its prior estimate of US$215 million. Higher start-up operating costs tied to the rollout prompted the revision, as reported by GGRAsia. Gaming revenue has risen sharply since table games were added in April, reflecting robust early demand. The site is on track for 400 table games by January 2027 after phase two began in July.
EBITDA Trajectory at Resorts World New York City
Fitch stated: “We expect EBITDA to reach around US$450 million by 2028 as more tables and slot machines are added and margins normalise with scale.”
The property holds a first-mover advantage in a market defined by dense population and high-income catchment areas. The New York licence is described as highly valuable given the scarcity of such approvals in a large underserved jurisdiction.
Expansion Costs and Credit Implications
Approximately US$700 million of the remaining US$4.4 billion in pledged expansion capital has been spent to date, including US$500 million for the licence fee. That leaves US$3.7 billion to deploy over the next five years. Capital expenditure is expected to average US$800 million annually in the medium term, placing pressure on Genting New York’s credit metrics during construction.
Fitch forecasts Genting Malaysia’s consolidated revenue at MYR12.00 billion in 2025, rising to MYR13.78 billion (US$3.38 billion) in 2026, MYR15.40 billion in 2027 and MYR15.90 billion in 2028. Group EBITDA is seen at MYR3.42 billion in 2026, MYR4.13 billion in 2027 and MYR4.56 billion in 2028, with the margin expanding from 24.8 percent to 28.7 percent. The agency downgraded Genting Malaysia’s long-term issuer default rating to ‘BBB-‘ this month. S&P Global Ratings separately stated the parent has “no more buffer” for earnings disappointment.
Reporting: GGRAsia
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
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