Publication Date: April 20, 2026, 04:03h.
Updated on: April 20, 2026, 04:03h.
- This regional casino is less reliant on air travel compared to other Genting properties.
- Table games are projected to launch at this venue later this year.
Oil futures experienced a spike on Monday following news that Iran continues to manage the Strait of Hormuz and President Trump announced a ceasefire termination set for Wednesday, causing unease among market stakeholders.
This situation poses concerns for several casino operators, particularly Genting Singapore, which rely on air travel to draw in customers. Rising oil prices typically lead to increased airfare, potentially dampening leisure travel activity. However, Fitch Ratings indicates that Resorts World New York (RWNY), another property under Genting, has some degree of immunity against this unsettling scenario.
“With a primarily domestic clientele, GENNY is likely to be less affected by air travel challenges,” notes the ratings agency.
The gaming establishment in Queens falls under the Genting New York (GENNY) structural framework, which is a segment of the broader Genting Bhd network. Genting’s other significant U.S. property, Resorts World Las Vegas, is more exposed to oil price fluctuations impacting airfare.
Importance of This Development
Genting is one of three operators awarded downstate casino licenses in New York, meaning that amidst a $5.5 billion expansion, Resorts World New York is on track to grow into a Las Vegas-style casino, transitioning from its current slots-only model.
Currently limited to slot machines, RWNY ranks as one of the top-performing regional casinos in the United States, thanks largely to its prime location within the largest metropolitan area in the country. This suggests that the venue’s clientele predominantly consists of local visitors who are not reliant on air travel to reach New York.
This reduced vulnerability to oil prices is crucial in the short term because RWNY’s current infrastructure allows for the introduction of table games later this year, in contrast to rival establishments operated by Bally’s (Bronx) and Hard Rock (Queens), which are several years from completion.
“We project GENNY to achieve an EBITDA of approximately $215 million in 2026 as the casino expands its offerings,” Fitch observes. “Our projections indicate that by 2028, GENNY’s EBITDA could rise to about $460 million, factoring in the tax environment outlined in GENNY’s proposal. The casino holds a first-mover edge in New York and benefits from a densely populated, high-income demographic.”
Potential for Early Success at Resorts World New York
With Genting planning to invest around $800 million annually in New York over the coming years, it is critical for Resorts World New York to capitalize on its aforementioned first-mover advantage while continuing to attract customers who are not sensitive to airfare costs.
“Any delays in GENNY’s growth or challenges in transforming its operations into a high-margin casino, coupled with slower recoveries at Genting’s other gaming sites, pose risks to our forecasts for reducing debt,” Fitch warns. “Economic uncertainties, including potential secondary effects from a prolonged conflict with Iran, could impact tourism and consumer sentiment, affecting overall operations and profitability.”