Genting—the energy-to-palm oil conglomerate controlled by Malaysian billionaire Lim Kok Thay—is doubling down on its investments in New York, earmarking $5.5 billion to expand its integrated casino resort after winning one of three gaming licences.
On Monday, Genting Malaysia’s unit Resorts World Casino New York City said it was selected as one of three winners of the city’s new casino licenses that’s expected to be formally awarded on December 31. Its existing Aqueduct racetrack in Queens—already one of the top performers in the U.S.—will be expanded.
The revamped Resorts World New York City will feature a 500,000-square-feet casino with 6,000 slot machines and 800 gambling tables. It will also have 2,000 hotel rooms, a 7,000-seat entertainment venue, and other amenities such as a conference center, restaurants and a spa. The new Vegas-style property is expected to generate $2.2 billion in annual revenue.
“Resorts World New York City’s proposal is the only bid that can expand operations in just 90 days, generating billions in new revenue for mass transit and public education over the next four years,” Robert DeSalvio, president of Genting Americas East said in a statement.
Genting has been expanding its footprint in the U.S. in recent years amid rising competition in Asia. The group currently operates casinos in the Bahamas, Malaysia, Singapore and the U.S. where it has properties in Las Vegas and New York.
“There’s a huge potential from the Resorts World New York City expansion,” Samuel Yin, an analyst at Maybank in Kuala Lumpur, wrote in a research note on Tuesday. He estimates net profit from the expanded casino resort will reach 1.9 billion ringgit ($460 million) by 2030.
That will be a big boost to the group, whose profits from its properties in Malaysia and Singapore have been softening. Genting Malaysia’s net profit tumbled 43% to 251 million ringgit in 2024, while those of Genting Singapore fell 5% to S$578.9 million ($446.3 million) in the same period.
The group’s New York operations are held under Genting Malaysia, which Lim sought to takeover in a 6.7 billion ringgit ($1.6 billion) bid that was launched in October. Genting Malaysia will remain listed after its parent company secured only 73.1% stake at the close of the offer—just below the 75% needed to take the company private.
With a net worth of $2 billion according to Forbes’ real-time data, Lim is one of the wealthiest in Malaysia. He has steered Genting’s expansion both overseas and into new businesses, including energy, real estate and biotech.
In February 2025, Lim stepped down from his role as group CEO of Genting after two decades and stayed on as executive chairman. The transition is part of succession planning at one of Malaysia’s biggest conglomerates that was founded in 1965 by Kok Thay’s late father Lim Goh Tong, who realized a vision to build a mountain top casino resort in Genting Highlands, about 55 kilometers north of Kuala Lumpur.