With the $1 million application fee deadline to the state gaming commission having come and gone, as many as 24 prospective casino developers are vying for the four licenses that are currently up for grabs in New York.
None of these developers, though, are probably bigger than the Genting Group.
The Malaysian casino giant announced just after paying the $1 million application fee to the state that it’s throwing its name into the hat for one of those four casino licenses. With its inclusion in the race, Genting joins Caesars Entertainment as two of the biggest and most prominent developers that are interested in New York.
Just like Caesars, which announced its proposal to build a $750 million casino in Woodbury, Orange County, Genting is also eyeing a site in the same Catskills and the Hudson Valley region of which Orange, Sullivan, and Ulster Counties are from. The fact that two of the biggest operators in the race are eyeing this region shows just how lucrative this area is, justifying the enormous $70 million casino license fee (the biggest in the state) an operator has to pay in order to build a casino there.
Genting has made no bones about its plans to expand in the US market and this announcement is the latest proof that the Malaysian casino giant is dead serious about being a major player in this part of the world. But here’s what’s odd about its New York plans: it already has Resorts World New York, a slots parlor at the Aqueduct track in Queens.
Granted, RW New York isn’t a full-fledged casino unlike the one it wants to build with this application. But questions on whether it could potentially siphon off players out of RW New York isn’t entirely unfounded. Remember, a lot of people from within and outside of the gaming industry have already expressed their concern an over saturated Northeast casino market. New casinos and slot machine parlors are opening in Connecticut, Maryland, New Jersey, Pennsylvania, Rhode Island, and even Massachusetts. So if they’re worried about competition from other states, shouldn’t there be more reason to be concerned from competition within the state?
And we’re not even jumping into the five Indian casinos upstate and electronic slot machine parlors at nine racetracks in New York.
Then again, if there’s an operator that has the financial capability to splurge on another gaming establishment while already having one in the same state, it’s Genting. Money, after all, isn’t a problem for the Malaysian casino giant.