During its inaugural week as a full-service casino, Resorts World New York City (RWNYC) experienced disappointing revenue from table games, while slot machine revenue saw a significant increase.
According to a report from Maybank Investment Bank, RWNYC's first six days of operation yielded lower-than-anticipated earnings from table games. The casino's launch could be characterized as a 'soft opening,' as it continues to enhance its gaming and non-gaming offerings until 2030.
Maybank analyst Samuel Yin Shao Yang noted that the casino's 242 new table games generated around $4.9 million in gross gaming revenue (GGR) from April 28 to May 3, averaging about $3,400 per table daily. This figure is less than half of the bank's projected $7,500 per table per day.
The underwhelming performance may be attributed to a lower hold percentage, with RWNYC recording a win rate of just 14%, compared to the typical 20% used in Maybank's forecasts. Adjusting for the standard rate, the analyst estimated that table games could have produced approximately $6.9 million in GGR, or $4,759 per table per day, still falling short of expectations.
In contrast, slot machine revenue exceeded predictions, with Maybank estimating GGR for this segment at around $23.5 million, a 20.5% increase compared to the same week last year, which saw approximately $19.5 million.
Yin expressed that initial fears of cannibalization were alleviated as the excitement surrounding the new table games drew more players to the existing slot machines rather than the tables.
Overall, Maybank reported a 46.1% year-on-year increase in total GGR for RWNYC during the observed period. Concerns regarding significant cannibalization at Resorts World Catskills did not materialize, with that location generating about $3.3 million in GGR, an 11% year-on-year decrease but still better than anticipated.
If table game revenue reaches the projected $7,500 per table per day, it could potentially add around $32 million to Genting Malaysia's annual core net profit, although this contribution has not yet been factored into earnings estimates.
Maybank has maintained its 'BUY' rating on Genting Malaysia, suggesting that RWNYC's table game operations will gradually improve as it leverages the Genting client database.
Resorts World New York City officially began offering live table games on April 28, following the acquisition of one of New York's three newly approved downstate casino licenses, making it the first full-service casino within New York City.
The other approved downstate casino projects, Bally’s Bronx and Metropolitan Park in Queens, are not expected to open until 2030.
RWNYC's launch included 242 live tables featuring blackjack, craps, baccarat, and roulette, complementing over 2,500 slot machines already in operation at Aqueduct Racetrack in Queens.
According to Maybank’s phased rollout plan, Resorts World NYC aims to increase its live tables from 242 to 250 by July 2026, 400 by January 2027, and reach 800 by 2029, as part of its $5.5 billion redevelopment strategy to establish itself as one of the largest casinos in the U.S. by 2030.