TLDR
- Resorts World NYC’s new table games earned roughly $4.9 million in gross gaming revenue over six days, less than half of Maybank’s forecast
- The casino’s 242 table games averaged about $3,400 per table per day versus the projected $7,500
- Slot machine revenue jumped approximately 20.5% year-on-year to $23.5 million, beating expectations
- Total gross gaming revenue at Resorts World NYC rose 46.1% compared to the same period last year
- Maybank kept its BUY rating on Genting Malaysia, expecting table game revenue to ramp up over time
Resorts World New York City posted weaker-than-expected table game numbers during its first week as a full-service casino, according to a new research note from Maybank Investment Bank.
The property launched live table games on April 28 after receiving one of three newly approved downstate casino licenses. It became the first full-service casino operating within New York City limits.
Maybank analyst Samuel Yin Shao Yang said the casino’s 242 table games brought in roughly $4.9 million in gross gaming revenue between April 28 and May 3. That works out to about $3,400 per table per day.
The figure came in well below Maybank’s projection of $7,500 per table per day. The bank had expected considerably stronger early performance from the tables.
Yin pointed to a lower-than-normal hold percentage as one possible explanation. The casino recorded a win rate of just 14%, compared to the 20% rate Maybank used in its models.
If the hold rate had been at the typical 20%, Maybank estimated table game revenue would have been closer to $6.9 million. Even at that adjusted level, the result would still have fallen short of the bank’s target.
Slot Machines Tell a Different Story
While table games underwhelmed, slot machines delivered strong results. Maybank estimated slot machine gross gaming revenue reached about $23.5 million during the six-day period.
That was up roughly 20.5% from around $19.5 million in the same week last year. The increase beat analyst expectations.
Yin suggested the excitement around the new table game launch may have actually driven more visitors to the slot floor.
“It seems the fanfare surrounding the rolling out of the new table games directed more gamblers to the existing slot machines than tables,” he wrote.
The combined effect lifted total gross gaming revenue at Resorts World NYC by 46.1% year-on-year during the period.
Fears that the New York City location would cannibalize revenue at Resorts World Catskills also did not play out as expected. Maybank estimated the Catskills property generated about $3.3 million in gross gaming revenue, down roughly 11% year-on-year but better than feared.
Maybank Maintains BUY Rating on Genting Malaysia
Despite the soft start for table games, Maybank kept its BUY rating on Genting Malaysia. The bank argued the table game business should improve over time as the casino taps into Genting’s existing client database.
Yin estimated that if table game revenue reaches the projected $7,500-per-table-per-day level, the new tables could add about $32 million to Genting Malaysia’s annual core net profit. Maybank has not yet added any contribution from the new tables into its earnings estimates.
The bank described the opening week as more of a “soft opening,” with Resorts World still in the early stages of expanding its offerings.
The current 242 tables are set to increase to 250 in July 2026, then 400 in January 2027, and eventually 800 by 2029.
The table game rollout is part of a larger $5.5 billion redevelopment plan. By 2030, Resorts World NYC aims to operate up to 6,000 slot machines, 800 live table games, a 2,000-room hotel, convention space, and a 7,000-seat entertainment venue.
The other two approved downstate casino projects, Bally’s Bronx and Metropolitan Park in Queens, are not expected to open before 2030.
