Fitch: Resorts World NY EBITDA to Climb, but Parent Spending Constrains Credit Rating

Resorts World New York holds a clear advantage over its yet-to-be-built NYC rivals as Fitch Ratings forecasts a sharp EBITDA ramp-up for the Queens casino. However, heavy spending related to the expansion continues to weigh on parent company Genting’s credit rating.

In a new report, Fitch Ratings downgraded Genting Bhd to “BBB-“—the lowest investment-grade rating—down from “BBB,” driven largely by heavy expansion spending in New York and Singapore.

However, the ratings agency affirmed a “BBB-” rating with a stable outlook for Genting New York, the wholly owned subsidiary that operates Resorts World New York.

Genting is pledging $5 billion to advance Resorts World New York, a property at which table games debuted earlier this year after years spent as a slots-only venue. The research firm says the operator already spent $700 million.

The ratings agency also points out that spending on Resorts World New York is likely to tally $800 million annually “over the medium term” and that venue is on track to open 400 table games by January.

Resorts World NY EBITDA Could Surge by 2028

With Bally’s (the Bronx) and Hard Rock (Queens) several years away from opening, Resorts World’s move to roll out table games this year amounts to a pivotal head start, but Fitch downwardly revised its 2026 EBITDA outlook for the property.

The research firm expects the Queens casino will generate $208 million in EBITDA this year, down from a prior forecast of $215 million, but that tally could rapidly accelerate over the next two years.

Fitch points out that Genting’s U.S. and Bahamas operations now reside under the umbrella of Genting America Inc. (GENAI), which is also supporting the financially scuffling Empire Resorts Inc. unit.

Genting Malaysia Weaker Than Some Peers

While Fitch maintained an investment-grade rating on Genting Malaysia, one of the parent company’s largest units, the credit grading firm said that entity is slightly weaker, financially speaking, than competitors such as Las Vegas Sands (NYSE: LVS) and the Seminole Tribe of Florida.

“Genting Malaysia’s business profile is underpinned by its monopolistic position in the mature Malaysian gaming market,” according to Fitch.

“Sands’ higher rating reflects a strong rebound in Macao and Singapore, resulting in improved leverage metrics of around 2.5x, lower than Genting Malaysia’s, which is above 3.0x,” the analyst concluded.

For investors, Resorts World New York remains a reliable cash-flow engine, but its ultimate credit trajectory hinges on how prudently Genting manages its aggressive global growth.