Genting Malaysia, a titan in the casino and hospitality industry, is still pondering the possibility of going public in New York. This strategic move could see the company’s shares debut on prominent platforms such as the Nasdaq or the New York Stock Exchange (NYSE). During their latest annual meeting, Tan Kong Han, Genting’s president and COO, reiterated that the company has not abandoned its aspirations for a New York listing. Tan emphasized that such a step could potentially unlock remarkable value for both the company and its shareholders. The economic conditions in the United States remain a critical factor, and Genting is exercising caution, especially in light of past experiences.
Reflecting on history, Genting is likely to proceed cautiously given the tumultuous journey of its Empire Resorts brand. The brand’s initial public offering on the Nasdaq market didn’t go as planned, teetering on the edge of bankruptcy and prompting Genting to privatize it once more. This caution is understandable, especially considering the significant presence of Resorts World, Genting’s flagship brand, in the United States’ land-based sector. The brand is currently vying for one of three sought-after downstate casino permits in New York. If successful, Resorts World could transform its existing property, which currently offers only slots, into a sprawling Vegas-style casino. The stakes are high, and Genting is making substantial promises, including boosting taxes to $1 billion or more if granted a downstate license and planning to infuse an additional $5 billion into Resorts World New York.
Winners of the coveted downstate casino licenses are set to be announced between late 2025 and early 2026, and Resorts World stands as a formidable contender given its strong presence in New York. The outcome of this competition could significantly influence Genting’s plans for a New York listing. Moreover, Genting has expressed ambitions that extend beyond the United States. The company has
Share the knowledge!
Disclaimer: The content on "hustlenbet.com" is for entertainment purposes only and should not be taken as financial advice. Hustle N Bet LLC makes no representations or warranties that the information provided on the website will guarantee any outcomes or wins. Any strategies or information found on the website are used at your own risk and should not be relied upon for making financial decisions.