Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
Read Full BioIn a note released this week, analyst Samuel Yin Shao Yang at Maybank Investment Bank believes the remaining contenders for New York’s three downstate casino licenses are “virtually assured” of approval.
However, he identifies Genting Malaysia’s proposal to convert its existing Resorts World New York City (RWNYC) racino in Queens as the frontrunner in the race.
Maybank: RWNYC Ticks Every Box for Regulators
Yin contends that regulators will look for speed to market and minimized execution risk. It will also consider high upfront contributions, such as fees and taxes. In his view, RWNYC checks all those boxes. The existing property is already operational and offers a shorter conversion path to full casino operations. Genting promises it could open the first phase as early as mid-2026.
Yin’s note also highlights that the RWNYC bid is pledging to pay a $600 million license fee, $100 million more than the state’s requirement. That, he believes, could make the bid more compelling for the state.
Another fact supporting Yin’s argument is that RWNYC received unanimous support in the Community Advisory Committee (CAC) public hearing testimonies.
In the note, the Maybank analyst cited a Spectrum Gaming Group estimate that the region’s gross gaming revenue would reach US $6.5 billion by 2031. That would “[position] it as the second-largest gaming market in the United States, trailing only Las Vegas (US $8.6 billion in 2024) and surpassing Singapore (US $5.8 billion in 2024)”.
Notably, the two other bids, Bally’s Bronx and Metropolitan Park, could not realistically open before 2030. That will allow RWNYC to capture market share and get a head start.
Finally, the note advises Genting Malaysia shareholders to reject the $1.6 billion takeover bid by its parent, Genting Berhad.
Regulatory & Contextual Background
The highly coveted downstate New York casino licensing process has entered its final phase.
In June, eight applicants submitted their bids. In the next stage, a local CAC reviewed each bid to determine whether it fit the community. During this period, the public had the opportunity to share their feedback.
Out of the eight, four advanced to the final stage. However, in a surprising move, MGM Resorts International withdrew its application to convert its Empire City Racino in Yonkers. That sent shockwaves, as many considered the bid a frontrunner for the same reasons as RWNYC.
The three remaining bids are now under review by the state’s Gaming Facility Location Board. The Board will score bids across four categories:
- Economic activity and business development – 70%
- Local impact and siting – 10%
- Workforce enhancement – 10%
- Diversity – 10%
The Board will then make its recommendations to the New York State Gaming Commission (NYSGC). The Commission will then award the licenses, likely by the end of the year.
While Maybank expects all three finalists to receive licenses, NYSGC Chair Brian O’Dwyer has cautioned that the law does not obligate the Commission to issue licenses to all three finalists. He has said that if fewer than three applicants meet the statutory criteria, the Commission may approve fewer — or potentially none at all.
Whether regulators agree with Maybank’s certainty remains to be seen. Still, the analyst’s optimism highlights the significant implications for New York’s next move in what could become one of the most coveted casino markets in the US.
