Share 
Fitch expects Resorts World New York to post stronger earnings over the next two years, but says the scale of Genting’s expansion spending in New York is also straining the parent company’s credit profile.
The ratings firm downgraded Genting Bhd to BBB- from BBB, while affirming Genting New York at BBB- with a stable outlook. In its report, Fitch said Resorts World New York has already spent about $700 million of its pledged $5 billion expansion budget, including $500 million for the licence fee.
Fitch sees higher Resorts World New York earnings by 2028
Fitch lowered its 2026 EBITDA forecast for Resorts World New York slightly, to $208 million from $215 million. But it still projects a much larger earnings ramp after the property adds more gaming capacity.
According to Fitch, the casino is on track to open 400 table games by January. The agency said EBITDA could reach about $450 million by 2028 as more table games and slot machines are added and margins normalize with scale.
Fitch also said Resorts World New York continues to benefit from a first-mover advantage in the state, citing the dense population and higher-income customer base in its surrounding market.
Billions in remaining spending expected over five years
Fitch said the remaining $3.7 billion of Resorts World New York expansion spending will be deployed over the next five years, a pace that is expected to pressure Genting New York’s credit metrics during construction. The agency expects the property to spend about $800 million annually over the medium term.
That heavy capital commitment in New York, along with spending plans in Singapore, was a key factor in Genting Bhd’s downgrade to the lowest investment-grade rating.
For New York casino watchers, the report points to a straightforward tradeoff: Resorts World New York is still expected to grow meaningfully as it adds table games and machines, but the buildout comes with a large financing burden in the meantime.
What to watch next
The next key milestone in Fitch’s outlook is the planned opening of 400 table games by January. Readers should also watch for how quickly the remaining expansion budget is deployed over the next several years, since Fitch tied that spending directly to both earnings growth and credit pressure during construction.
—
Source: As reported by Todd Shriber.
