Maybank: Resorts World NYC Table Games “Underwhelmed” in First Week
Resorts World New York City’s first week as a full-service casino produced soft table game revenue, although slot machine revenue surged.
Genting’s Resorts World New York City (RWNYC) generated lower-than-expected table game revenue during its first six days as New York City’s first full-service casino, according to a research note from Maybank Investment Bank.
However, Maybank suggested the opening “could be described as a soft opening,” with the property continuing to expand its gaming and non-gaming amenities through 2030.
Table Games Underperform Expectations
Maybank analyst Samuel Yin Shao Yang said the casino’s new 242 table games produced approximately $4.9 million in gross gaming revenue between April 28 and May 3, equivalent to roughly $3,400 per table per day. The figure was less than half of Maybank’s estimate of $7,500 per table per day.
The note suggested that a lower hold percentage could have driven the softer performance. Yin wrote that RWNYC recorded a “low win rate” of 14%, below the more typical 20% rate used in Maybank’s projections.
Adjusted for the 20% rate, the analyst estimated that table games would have generated approximately $6.9 million in GGR, or about $4,759 per table per day. Maybank noted that even after adjusting for a normalized hold percentage, table game revenue would still have fallen below its projections.
Slot Revenue Surges as Cannibalization Fears Ease
However, slot machine revenue significantly outperformed expectations. Maybank estimated slot machine GGR for the period reached approximately $23.5 million, compared with around $19.5 million in the comparable week last year. That result represented a roughly 20.5% yearly increase.
We anticipated some cannibalization,” Yin wrote. “It seems the fanfare surrounding the rolling out of the new table games directed more gamblers to the existing slot machines than tables.”
Despite the softer table game performance, Maybank estimated total GGR at Resorts World NYC increased 46.1% year-on-year during the period.
Yin also noted that concerns about significant cannibalization at Resorts World Catskills had not materialized.
Maybank estimated Resorts World Catskills generated approximately $3.3 million in GGR during the same period, down around 11% year-on-year. Still, the result was better than expected.
The analyst also estimated that if table game revenue eventually reaches its projected $7,500-per-table-per-day level, the new tables could add approximately $32 million to Genting Malaysia’s annual core net profit. It noted that it has not yet incorporated any contribution from the new tables into its earnings estimates.
Maybank maintained its BUY rating on Genting Malaysia, arguing that RWNYC’s table game business should “ramp up progressively as it taps the Genting client database.”
RWNYC Became the First Full-Service Casino in New York City
Resorts World New York City officially launched live table games on April 28 after receiving one of New York’s three newly approved downstate casino licenses. The launch transformed the property into the first full-service casino operating within New York City limits.
The other approved downstate casino developments, Bally’s Bronx and Metropolitan Park in Queens, are not expected to open before 2030.
RWNYC’s rollout included 242 live tables, including blackjack, craps, baccarat, and roulette. The new games complemented more than 2,500 slot machines already operating at Aqueduct Racetrack in Queens.
According to Maybank’s phased rollout schedule, Resorts World NYC plans to expand from 242 live tables to 250 in July 2026, 400 in January 2027, and 800 by 2029.
The expansion is part of Resorts World’s $5.5 billion redevelopment plan to turn the property into one of the largest casinos in the U.S. by 2030. The broader expansion plan through 2030 includes up to 6,000 slot machines, 800 live table games, a 2,000-room hotel, convention space, and a 7,000-seat entertainment venue.
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